Swatch Quashes Activist Attempt to Shake Up Hayek Stronghold

Shareholders of The Swatch Group AG rejected US activist investor Steven Wood’s push for a seat on the watchmaker’s board of directors for a second time, reinforcing the controlling Hayek family’s hold on the company.

The founder of US-based Greenwood Investors, who says change is needed to turn the company’s fortunes around and loosen the family’s grip, was defeated when 79.6% of shareholders voted against him at Swatch’s annual general meeting on Tuesday. Wood first tried to acquire a seat at the AGM last year.