Swatch Group looks to add former Swiss official to board

Swatch Group is proposing adding a former Swiss government official to its board.

Ahead of the company’s annual general meeting on May 12, Investing.com has reported that the Group has looked at adding Andreas Rickenbacher, who also serves as the chairman of the board for CSEM (Swiss Center for Electronics and Microtechnology) and the Switzerland Innovation Foundation.

The news comes amidst pressure from activist investor GreenWood Investors, which reportedly wants board representation for bearer shareholders. 

The seven-strong board currently is dominated by the Hayek family, with CEO Nick Hayek, chair Nayla Hayek, and executive Marc Hayek all currently serving.

The Hayek family controls the company through its ownership of registered shares, which are a fifth of the face value of bearer shares, but with equal voting rights. 

Investors may be seeking to limit the influence of nepotism at the Group, especially in light of recent disappointing financial results.