Reported about 15 hours ago
The Hayek family, which controls the Swatch Group, is under pressure as American investor Steven Wood attempts to secure a board seat to encourage a focus on luxury brands amidst a decline in Swatch's performance. The company's board has recommended rejecting Wood's bid, which he believes is essential given Swatch's significant profit drop and falling stock value. With proxy advisers urging shareholders to oppose the current board’s re-election, the family's strong influence is likely to hinder any immediate changes.
Source: YAHOO