Power Struggle at Swatch: Shareholder Revolt Against Hayek Control

Swatch shareholders rejected a bid by investor Steven Wood for an independent directorship, supporting the Hayek family's control. Wood, with backing from proxy advisors, saw his proposals dismissed despite high support from bearer shareholders. The appointment of Andreas Rickenbacher marks continuity amid calls for governance reform.

In a decisive vote on Tuesday, Swatch shareholders blocked activist investor Steven Wood's attempt to secure a board seat, thereby reinforcing control by the founding Hayek family.

Wood, backed by Institutional Shareholder Services (ISS) and Glass Lewis, challenged their dominance, arguing for governance reforms. Despite 80.4% bearer shareholder support, Woods fell short.

Swatch elected Andreas Rickenbacher as the independent director, maintaining continuity. The company's stock rose 3.8% post-vote, reflecting confidence amid calls for changes to governance strategy and board renewal.