Federer-backed On extends slide after co-CEO departure announced

Shares of Roger Federer-backed On Holding AG ONON.N down 3.4% to $42.44 on Tues after announcing transition to single CEO-structure

ONON shares on track to fall for sixth straight session

Switzerland-based sportswear firm on Tues said co-CEO Marc Maurer has decided to depart after 12-year tenure with the co

Current co-CEO and CFO Martin Hoffmann to take the reins on Jul 1, and will continue in CFO role while co searches for new finance chief

Jefferies, which initiated coverage at 'hold' just prior to C-suite announcement, said to expect some weakness in the shares as the news could lead to risk of multiple compression, especially if financials disappoint in coming qtrs

Jefferies set PT of $44, lowest on Wall Street, and below median of $64, per LSEG data

With move on Tues, stock down nearly 23% YTD. A year ago, stock closed at $35.22