Nicolas Hayek Swiss-Lebanese entrepreneur Date of Birth: 19.02.1928 Country: Switzerland

Nicolas Hayek: Biography of a Successful Entrepreneur

Nicolas Hayek was a Swiss-Lebanese entrepreneur and one of the founders and leaders of the Swiss company 'Swatch Group'. He was born to a Lebanese mother and an American father of Lebanese descent. In 1950, Hayek met Marianne Mezger, a Swiss woman and the daughter of prominent industrialist Eduard Mezger, in Beirut. The couple got married in 1951 and moved to Switzerland. They later had two children, a son, and a daughter. Hayek lived in the commune of Meisterschwanden, located 35 kilometers west of Zurich, until his death.

In 1996, Nicolas Hayek received an honorary doctorate in law and economics from the University of Neuchatel in Switzerland. Two years later, he was awarded another doctorate from the University of Bologna in Italy. Hayek began his entrepreneurial career in a Swiss insurance company. He then held a management position at his father-in-law's engineering company; however, he soon left the position to pursue new opportunities. In 1963, Hayek founded the consulting firm 'Hayek Engineering', which quickly gained a reputation as one of the best companies in Switzerland. Representatives from major international corporations sought Hayek's expertise. By 1979, 'Hayek Engineering' had more than 300 clients in 30 countries worldwide, with Hayek serving as the chairman and CEO of the company.

In the early 1980s, Hayek was tasked with overseeing the liquidation of two Swiss watch companies, 'ASUAG' and 'SSIH', which could no longer compete with Japanese watch manufacturers. However, Hayek believed that there was still hope for the Swiss watch industry and that a skillful reorganization could restore its competitiveness. Coinciding with this restructuring, Hayek invented the 'Swatch' watch, which had fewer parts and was more affordable. These watches proved to be a lifeline for the Swiss watch industry, allowing them to regain a significant share of the budget watch market from the Japanese. While a robust advertising campaign played a significant role in the success of the 'Swatch' watch, Hayek always emphasized the importance of timely technological breakthroughs.

The reorganization was successfully completed in 1985, with the majority of the company's shares going to Hayek and Swiss investors. Hayek became the chairman of the board of directors and CEO of the company. Thanks to his strategic talent, the company not only established itself as one of the top watch manufacturers in the world but also revitalized the entire watch industry in Switzerland. Hayek is also credited with playing a significant role in the launch of the 'Smart Car' project, a small urban car by 'Mercedes Benz' with innovative features such as interchangeable panels.

As of 2010, Nicolas Hayek was ranked 232nd on the list of the world's richest people, with an estimated fortune of 3.9 billion dollars. On June 28, 2010, Hayek passed away from a sudden heart attack at the headquarters of 'Swatch Group' in Biel. He was 82 years old at the time of his death.