Swiss Visionary, Olympics Timekeeper Nicholas Hayek

(ATR) Nicholas Hayek is remembered as an entrepreneur who revived the watchmaking industry in Switzerland and stamped the marks of his company on the Olympic Games of the 21st century.

Hayek died at his desk Monday at the headquarters for the Swatch Group in Biel, Switzerland where he was chairman of the board.

Hayek, as CEO in the 1980s for the firm formerly known as Swiss Timing, took the company’s new line of Swatch watches to a worldwide market. The mass-produced (Swiss-made, nonetheless) and colorful timepieces shook up the watch business with their unconventional style.

At the same time, Hayek convinced Swiss banks to give him the financing needed to restructure the high-end line of the business that included brands such as Omega, Tissot and Breguet. The Swiss watch industry was perilously close to collapse in the face of intense competition from Asia, Seiko in particular.

As it turned out, Hayek’s skills as an entrepreneur not only made Swatch a worldwide brand, his gamble on the premium end of the Swiss watch business paid-off as well.

Tributes to Hayek in the Swiss press say his vision is responsible for rescuing the Swiss watch industry.

In 2009, the Swatch Group, as the company is now known, recorded nearly $5 billion in revenue and about $700 million in profit.

While the Omega brand and Swiss Timing had long been associated with the Olympic Games when Hayek came to work for the company, Seiko had also entered the Olympic arena, first as timekeeper for Barcelona, then Lillehammer, Nagano and Salt Lake City.

"He came to me around the time of the Barcelona Olympics wondering how he could compete with Seiko," former IOC Director General Francois Carrard tells Around the Rings.

"I told him Seiko is a brand, Swiss Timing was not. I told him he should use Swiss Timing as a brand for a watch or use one of the famous brands in his group," says Carrard.

"He just listened. As always, he didn’t acknowledge anything, he was a careful man," he said.

Carrard says not long after that conversation, Hayek struck a deal with Atlanta Olympic organizers to become the timing sponsor, making a similar sponsorship with Sydney, and then joining the worldwide TOP program with the 2004 Games in Athens.

Switching from Swatch to the upscale Omega brand in 2004, Omega is now a TOP sponsor through 2012.

Michael Payne, who was IOC marketing director when Hayek made the push to become a TOP sponsor, recalls the personal attention Hayek devoted to the Olympics.

"He not only would personally negotiate TOP deals, but everything else connected to the Olympic Movement - from being on the IOC's reform committee, through to riding chariots through streets of Atlantain a toga with [Atlanta Olympics CEO]Billy Payne," says Payne.

Hayek was a strong promoter of his watches and nearly always had several of them strapped to each of his wrists.

IOC President Jacques Rogge tells ATR he enjoyed Hayek’s friendship and business acumen.

"He was a visionary business leader and, as head of the Swatch Group, he was a passionate supporter of the Olympic Movement. On a personal level I considered him a good friend, and I and everyone at the IOC offer his family our sincere condolences," says Rogge in a statement.

Hayek's daughter Nayla was elected to succeed him at a board of directors meeting Wednesday. Son Nicholas Hayek, Jr. continues as CEO.

A private service for Hayek, who was born in Lebanon, will be held for his family, time and place not disclosed.

A public service is set for Saturday in Bern.

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Written by Ed Hula For general comments or questions, click here