Swatch Founder Hayek Dies

Swatch founder Nicolas G. Hayek Photo: Swatch

Nicolas G. Hayek, founder and chairman of the board of directors of the Swatch Group, died Monday at the age of 82. Hayek is credited with reviving the global interest in buying a wristwatch with the introduction of low cost, vividly designed watches that had wide mass appeal for teens and adults alike.

Hayek unexpectedly passed away due to heart failure during work at his beloved Swatch Group, according to a company release.

After years of dominating the global watch industry, Swiss watch makers lost their appeal to Japanese manufactured watches. The emergence of Swatch turned that around and practically saved the Swiss watch industry.

“Hayek's extraordinary vision enabled him to realize and ensure the sustainability of a strong watch making enterprise with high Swiss added value. He is rightly recognized as a leading entrepreneur in this country,” the company said Monday.

“With the right personnel decisions, Mr. Nicolas G. Hayek also ensured that his ideas and beliefs will live on and that continuity is guaranteed in regard of shareholders, board of directors and the group management board,” the company added.