Nicolas Hayek, the colourful Swiss businessman hailed as one of the saviours of his country's mechanical watch industry, died unexpectedly on Monday while working at Swatch Group, the company he transformed into the world's leading watchmaker.
The Financial Time
Haig Simonian
The death of Mr Hayek, 82, robs Switzerland of one of its most inventive business leaders. "We owe Mr Hayek a lot," said Doris Leuthard, the Swiss president.
Mr Hayek's interests went well beyond watches, to include the development, initially with VW and then with Daimler, of a small urban vehicle first dubbed the "Swatchmobile" that later became the Smart. Most recently, he was pursuing a fascination for mobility via a venture for a small electric car.
He also gained renown as a fierce critic of financial analysts and overpaid bankers, sometimes changing the date of his company's financial statements at the last minute to wrongfoot hedge fund managers.
As an independent engineer, Mr Hayek was asked by creditor banks to help reorganise, and probably close, a group of mechanical watchmakers and component suppliers suffering at the peak of the "quartz" crisis in the early 1980s.
Rather than follow received opinion that Switzerland's watch craftsmen would perish in the face of the electronic onslaught, he, with some partners, spotted the business's potential and invested in its future.
The breakthrough came with the launch in 1983 of the Swatch, a clever technological innovation manufactured far more easily than conventional watches by greatly reducing components and automating many processes.
The Swatch soon became prized as much for its design as its timekeeping, and developed into a global fashion item.
Over the years, the various manufacturing companies were restructured and, in 1998, renamed Swatch Group after their most familiar product.
Brands were also acquired, to created a stable of 19 marques, including Omega and Breguet, as well as dominant positions in key components such as springs and movements. This year the company's sales are expected to exceed SFr6bn ($5.5bn).
Success was boosted by Mr Hayek's ebullient personality. A Swiss citizen of Lebanese origin, he combined a Swiss work ethic with a Levantine flair for marketing.
Often, Mr Hayek would place himself at the centre of attention through marketing stunts, such as playing tennis as an elderly man with Swiss star Martina Hingis.
Corpulent and hirsute, his trademark appearance was with his tie at half-mast, a large cigar tucked into his mouth, and at least two watches on each wrist.
Although Mr Hayek had handed the chief executive's role to his son Nick, he remained Swatch Group's chairman and guiding light of Breguet, whose revival he largely masterminded.
Copyright The Financial Times Limited 2010
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