Geneva: Swatch Group AG, the world’s largest watchmaker, said Wednesday it appointed Nayla Hayek to succeed her late father, Nicolas, as chair of the company.
Nicolas Hayek died unexpectedly of heart failure Monday at his office in Biel, Switzerland. He is credited with reinventing Swiss watch-making in the 1980s by introducing radical cost-saving moves after he was asked to help close the company down.
Nayla Hayek was previously vice chair of the company’s board.
Swatch earlier this year reported 763 million Swiss francs (US$713 million) in net income for 2009, compared with 838 million francs the previous year.
The company said it was confident that sales and margins would improve in 2010, citing an “excellent start” to the year.
Shares were up 0.2% at 307.80 francs ($283.63) on the Zurich exchange.