Swatch shareholders reject activist investor's board bid

Swatch Group shareholders rejected US activist investor Steven Wood's bid for a board seat on Wednesday. This marks the second time Wood has failed to win a place on the Swiss watchmaker's board.

Wood had campaigned for a role overseeing the company's strategy and operations. His push for change came as Swatch faced pressure to improve financial performance and governance.

The Hayek family, which owns a controlling stake in Swatch, opposed Wood's nomination. The family has held significant influence over the company's direction since its founding.

The rejection underscores the family's power to block major decisions at shareholder meetings. Wood's unsuccessful bids reflect broader tensions between activist investors and long-established family-controlled companies in Europe.

Swatch, based in Biel, Switzerland, is one of the world's largest watchmakers. The company has faced competition from smartwatch makers and changing consumer preferences in recent years.