Swatch says Hayek died unexpectedly of heart failure Monday at his office in Biel, Switzerland.
The self-styled ‘Mr. Swatch’ is credited with saving the Swiss watch-making industry with cost-saving moves in the 1980s after he was asked to help close it down.
Lebanese-born Hayek introduced less expensive products and charged a premium for top-of-the-range timepieces ‘Made in Switzerland’ in order to compete with cheaper competitors from Asia.
His son Nick Hayek is the chief executive of Swatch.
May he rest in peace.