ZURICH - Swiss performance sportswear company On (NYSE: ONON) announced the addition of Laura Miele to its Board of Directors, a move aimed at bolstering the brand's governance as it navigates future growth opportunities.
Laura Miele, currently President of Electronic Arts (NASDAQ:EA) Entertainment & Technology, brings a wealth of experience to On's board, having previously served as EA's Chief Operating Officer. Her extensive background includes leading the company's shift to digital delivery and expanding into new consumer demographics, as well as managing international teams across various functions.
The election of Ms. Miele also places her on the Audit Committee, where she is expected to contribute her financial expertise. On's Board of Directors has confirmed that she meets all independence and financial literacy requirements as per the Securities Exchange Act of 1934 and the NYSE listing standards.
Caspar Coppetti, Co-Founder and Executive Co-Chairman of On, expressed confidence in Miele's potential to bring valuable insights to the board, especially as the company looks to its next phase of growth. Miele herself is optimistic about On's future and eager to support the management team.
On, established in 2010, has made a name for itself in the sportswear industry with its CloudTec innovation and commitment to sustainable practices. The brand's presence spans over 60 countries and it maintains a robust digital community through its website.
InvestingPro Insights
As Swiss performance sportswear company On (NYSE: ONON) welcomes Laura Miele to its Board of Directors, the company's financial health and market performance remain a focus for investors. With a robust Market Cap of $11.98B USD, On is showing signs of strong valuation, which is further underlined by a significant Revenue Growth over the last twelve months of 33.66%. This growth trajectory is indicative of the company's expanding market presence and may reflect the strategic initiatives that board members like Miele are expected to support.
Investors should note the company's Gross Profit Margin, which stands at an impressive 59.87% for the last twelve months as of Q1 2024. This suggests that On is effectively managing its production costs and maintaining profitability, a crucial factor for its long-term success. Additionally, with a Price % of 52 Week High at 98.64%, On's stock is trading near its peak, showing investor confidence in the brand's performance and future outlook.
An InvestingPro Tip worth mentioning is that On holds more cash than debt on its balance sheet, which provides the company with financial flexibility. Moreover, analysts anticipate sales growth in the current year, which could further fuel the company's momentum. For investors seeking more in-depth analysis, there are additional InvestingPro Tips available, which can be found on InvestingPro's platform for On.
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