Swatch Group has proposed adding Andreas Rickenbacher to its board of directors, the company said, naming him as a candidate for election at its upcoming annual general meeting on May 12.
The nomination comes as the Hayek family, which controls the group, contends with pressure from activist investor GreenWood Investors. GreenWood is seeking representation on the board on behalf of bearer shareholders, a push that has prompted Swatch Group to propose the new board addition.
The company currently operates with a seven-member board that features multiple members of the Hayek family. Chair Nayla Hayek, CEO Nick Hayek and Swatch Group executive Marc Hayek all serve as directors, giving the family strong representation in governance.
Control of the company rests with the Hayek family through registered shares. Those registered shares carry the same voting rights as bearer shares but trade at one-fifth of the par value, according to the details disclosed alongside the nomination.
Background and context
The nomination of Andreas Rickenbacher is presented as a board-level response during a period of shareholder pressure. The company is moving forward with the candidacy while the dispute over board seats and shareholder representation remains an active issue ahead of the May 12 meeting.
Details about Rickenbacher's proposed role, responsibilities if elected, or any changes to board composition beyond the nomination were not provided in the company's announcement.
Implications for stakeholders
The development will be watched by registered and bearer shareholders, as well as interested market participants tracking governance changes at the group. The outcome of the annual meeting and any subsequent shifts in board makeup could affect how shareholder concerns are addressed going forward.
Note: The company set the date for the annual general meeting on May 12, where the nomination will be considered by shareholders.