The Hayek family successfully defended their control of Swatch Group against activist investor Steven Wood's renewed attempt to join the board, despite overwhelming support from bearer shareholders who backed his candidacy with 80.4% of votes, up from 62% last year.

Swatch's dual-share structure allowed the family to block Wood's appointment through high-voting registered shares, preserving their grip on the world's largest finished watch company despite owning only about 25% of equity while controlling nearly 50% of voting rights. The governance dispute prompted shareholder criticism and legal action from Wood, with proxy advisers including Ethos Foundation, Glass Lewis, and ISS all supporting his candidacy.

The board rejected Wood due to his US citizenship and lack of ties to Switzerland, instead proposing Swiss businessman Andreas Rickenbacher as their preferred independent director. Swatch's financial performance has deteriorated significantly, with net profit plunging almost 80% last year to just SFr25mn ($32mn) following a 75% decline in 2024, as the company faces challenges from weakening Chinese demand, US tariffs, currency pressures, and broader luxury market headwinds.