On Elects Laura Miele as a New Independent Member of the Board of Directors

Rhea-AI Summary

Swiss performance sportswear brand On (NYSE: ONON) has elected Laura Miele as an independent member of its Board of Directors and a member of its Audit Committee. Miele brings substantial experience from Electronic Arts (EA), where she is President of EA Entertainment & Technology. Her expertise includes digital transformation, expanding consumer demographics, and managing international teams. On’s Co-Founder, Caspar Coppetti, expressed confidence in Miele’s ability to contribute to the Board’s expertise. Miele also expressed enthusiasm about supporting On’s next growth phase. The Board confirms that Miele meets all independence and financial literacy requirements set by the SEC and NYSE.

Positive

• Laura Miele's appointment adds significant expertise to the Board, enhancing On's strategic capability.
• Miele's experience in digital transformation and demographic expansion can facilitate On's growth.
• Miele’s international experience is beneficial for On's global market strategy.
• On's leadership demonstrates proactive steps in strengthening corporate governance.
• The appointment aligns with SEC and NYSE independence and financial literacy requirements, ensuring compliance.

Negative

• The immediate impact on On’s financial performance is unclear, presenting uncertainty for investors.
• Miele's background in entertainment may not directly translate to the sportswear industry.
• No specific new initiatives or strategic directions were announced in conjunction with Miele’s appointment.

ZURICH, Switzerland--(BUSINESS WIRE)-- Swiss performance sportswear brand On (NYSE: ONON) announced today the election of Laura Miele as an additional independent member of the Board of Directors. Ms. Miele will also serve as a member of the Audit Committee.

Caspar Coppetti, Co-Founder and Executive Co-Chairman of On, said: “We are thrilled to welcome Laura to the On Board of Directors, and could not be happier for such a qualified and dedicated individual to be joining our Board. This marks a significant step in On's journey to enhance the Board's collective expertise, ensuring we are well-prepared to navigate future opportunities and challenges. We are confident that Laura will bring a valuable perspective and comprehensive experience to the Board and the Audit Committee, where she will also serve as a member going forward.”

Laura Miele, newly elected Board member of On, said: “This business and brand has incredible potential and impressive plans for the future. I look forward to working with my fellow Board members and supporting the Management team for On’s next growth phase.”

Ms. Miele brings extensive experience as President of Electronic Arts (EA) Entertainment & Technology, where she leads EA’s portfolio of licensed and owned IP, along with the company’s central development services and CTO organizations. Before taking on the role of President of EA Entertainment & Technology in 2023, Ms. Miele served as Chief Operating Officer for EA. She has played a key role in successfully executing several complex structural transformations at EA over the past few decades, including leading the company’s transformation to digital delivery, expanding into new consumer demographics, and actively growing EA’s player network. She also has broad international experience overseeing commercial, creative, and central technology teams. In 2022, Ms. Miele was appointed as a Governor of the British Film Institute. She is a member of the Paley Media Council, and the NAACP Entertainment Advocacy Council, an Advisory Board member for The Game Awards, and previously served on the Board of the Silicon Valley Community Foundation.

The Board of Directors has determined that Ms. Miele satisfies the independence requirements set forth in Rule 10A-3 under the Securities Exchange Act of 1934 and the NYSE listing standards applicable to us, is financially literate and is an Audit Committee financial expert, as defined by the U.S. Securities and Exchange Commission.

About On

On was born in the Swiss Alps in 2010 with the mission to ignite the human spirit through movement – a mission that still guides the brand today. Fourteen years after market launch, On delivers industry-disrupting innovation in premium footwear, apparel and accessories for high-performance running, outdoor, training, all-day activities and tennis. On’s award-winning CloudTec innovation, purposeful design and groundbreaking strides within the circular economy have attracted a fast-growing global fan base – inspiring humans to explore, discover and Dream On.

On is present in more than 60 countries globally and engages with a digital community on www.on.com.

Source: On
Category: Corporate

View source version on businesswire.com: https://www.businesswire.com/news/home/20240523636838/en/

Investor Contact:

On Holding AG

Jerrit Peter

investorrelations@on-running.com

or

ICR, Inc.

Brendon Frey

brendon.frey@icrinc.com



Media Contact:

On Holding AG

Ryan Greenwood

press@on-running.com

Source: On

FAQ

Who is the new member of On's Board of Directors?

Laura Miele has been elected as an independent member of On's Board of Directors.

What role will Laura Miele serve on On's Board?

Laura Miele will serve as an independent member of the Board of Directors and as a member of the Audit Committee.

What is Laura Miele's background?

Laura Miele is President of EA Entertainment & Technology and has extensive experience in digital transformation, demographic expansion, and international team management.

What are the benefits of Laura Miele joining On's Board?

Laura Miele brings valuable expertise in digital transformation and demographic expansion, which can aid On's strategic growth.

Does Laura Miele meet the necessary independence requirements?

Yes, Laura Miele meets the independence and financial literacy requirements set by the SEC and NYSE.