The five-strong management of the Swiss running shoe company On collected 83.6 million francs for the last year. That makes 16.5 million francs per capita for the three founders around David Allemann (52), Caspar Coptetti (44) and Olivier Bernhard (53) as well as the two co-CEOs. This makes them one of the top earners in Switzerland.
Because, unlike their colleagues at UBS or Roche, they only make losses with their company, the salary kings from the sneaker industry have been under criticism for weeks. Many ask themselves: What justification is there for such mega salaries? Last year On made a loss of 170 million Swiss francs. The share price doesn’t justify it either. The minus this year alone: almost 50 percent.
Marc Maurer (36), Co-CEO, and David Allemann, co-founder of On, comment on Swiss television SRF on Thursday evening. They let it be known that they would like to see more appreciation from the Swiss population. “… that you can also celebrate successes so that others are motivated to follow the same path.”
Comparison with Sportradar gives a deep insight
Co-CEO Maurer makes it clear when it comes to mega-salaries: “An absolutely large part of them are On shares that remain in the company, that’s not cash that we’ll have tomorrow.”
Three years ago, On’s shareholders decided that the entire team at the running shoe company should receive 4 percent of the company’s appreciation over the next three years. “It’s not a decision that we made, but that the shareholders made three years ago when On was much smaller,” says David Allemann in the talk format “Gredig direct”. The fact that such a high number would come out exceeded their expectations.
On was founded twelve years ago and has been listed on the stock exchange since September 2021. Tennis ace Roger Federer (40) has been a co-owner and advertising ambassador of the company since 2019.
Increase pressure on management
It will be interesting next Wednesday. Then the St. Gallen sports data provider Sportradar published its figures for the first quarter. The company, like On, went public last fall. At the beginning of the year, the stock was also down almost 45 percent. Nevertheless, Sportradar posted a profit of CHF 24 million last year. Sportradar CEO Carsten Koerl (56) only received a salary of $800,000.
So it is quite possible that the shareholders will no longer wave through On Mega salaries and increase the pressure on the management of the sneaker company. (euros)