Swatch founder Hayek dead at 82

GENEVA - Nicolas Hayek, the founder of Swatch, the world’s largest watchmaker, died Monday of a heart attack at the age of 82.

Hayek had left succession orders at the Swatch Group, where he served as chairman, and business activity had already been handed over to his son in 2003, the Swatch Group said, according to the SDA news agency.

Born in 1928 in Beirut, Hayek became a key figure on the Swiss business scene after he merged watchmakers that were being liquidated and formed Swatch in 1985.

At the time the Swiss horology industry was in crisis, in part because of cheaper competition from Asia.

The company now employs over 24,000 people and has annual sales of over $5 billion.

Hayek himself became known for his cigars, multiple watches, outgoing style and comments on politics and economics.