|February 19, 1928
|92 YEARS OLD
|28 June 2010(2010-06-28) (aged 82)\nBiel/Bienne, Switzerland
|Swatch Group, Founder/Chairman
in Beirut, Lebanon. He was the founder and CEO of the Swatch Group, which became the world's largest watch company. Hayek played a crucial role in reviving the Swiss watch industry during the 1980s. Under his leadership, Swatch gained immense popularity due to its innovative and affordable designs. Hayek's entrepreneurial acumen and passion for watches propelled him to great success, and his net worth steadily grew over the years. With his extraordinary contribution to the business world, it is no wonder that his net worth is estimated to be an impressive $3.9 billion in 2024.
In 1963, Hayek founded his own management consulting firm, the Zurich-based Hayek Engineering. Hayek made his mark quickly on the Swiss and European Business scene by consulting and effecting successful turnarounds at several of the largest European multinationals. One of his management credos was: "The rarest resources are entrepreneurial types in top management." By 1979, Hayek Engineering had over 300 clients in 30 countries. Hayek was Chairman of the Board and CEO of Hayek Engineering from its founding until his death.
In the early 1980s, Hayek was asked by a group of Swiss Bankers to oversee a liquidation of ASUAG and SSIH, two Swiss watch-making firms which were in turmoil due to heavy competition from Japanese watch manufacturers such as Seiko and Citizen Watch. Hayek believed that the Swiss watch Manufacturing industry could remain competitive and that ASUAG/SSIH could recover after a restructuring of operations and a repositioning of the different brands.
Hayek died unexpectedly on 28 June 2010 of cardiac arrest during work at the Swatch Group headquarters in Biel.