Swatch Quashes US 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 effort by the founder of US-based Greenwood Investors, who had argued that change is needed to turn the company’s fortunes around and loosen the family’s grip, was defeated at Swatch’s annual general meeting on Tuesday with 79.6% of shareholders rejecting the proposal. Wood had first tried to acquire a seat at the AGM last year.