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Swatch Group Founder Nicholas Hayek has passed away at the age of 82 years
Nicholas Hayek, founder and chairman of the Swatch Group LTD passed away yesterday due to heart failure at the age of 82 years. This unfortunate incident took place at the Swatch Group offices while he was at work on Monday June 28th.
Nicholas Hayek has always been recognized for his extraordinary vision and leading entrepreneurship in the Swiss watch industry.
"Nicolas G Hayek's greatest merit was his enormous contribution to the saving of the Swiss watch industry and the foundation and the commercial development of the Swatch Group," the company said in a statement.
Swatch was born the early 1980s when Hayek was hired to advise two struggling Swiss watch companies. Rather than follow the accepted opinion that Switzerland’s watchmaking industry was dying, Hayek merged the two companies to create Swatch Group. Today, Swatch is the world’s biggest watchmaker, expected to record sales of $6.3 billion this year.
The Swatch Group said in the release that with the right personnel decisions, 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."