Co-founder of Swatch, Nicolas Hayek, has died:

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.

Nicolas Hayek: Swatch says Hayek died unexpectedly of heart failure Monday at his office in Biel, Switzerland.

Nicolas Hayek: Swatch says Hayek died unexpectedly of heart failure Monday at his office in Biel, Switzerland.