Swatch shareholders reject board bid by Steven Wood

As expected, Swatch shareholders have voted against Steven Wood’s appointment to the company’s board. At the watchmaker’s Annual General Meeting on Wednesday, 79.2% of votes cast opposed his election to the supervisory board. + Get the most important news from Switzerland in your inbox Meanwhile, all motions put forward by the Board of Directors were approved by a wide margin, according to a statement from Swatch. Wood had put himself forward as an additional voice for owner-shareholders, aiming to bring what he called “fresh perspectives” to the board. He argued that Swatch’s premium brands, in particular, needed urgent attention. According to the latest figures, Wood, founder and managing director of GreenWood Investors in New York, holds a 0.5% stake in the company. The Swatch Board of Directors opposed Wood’s nomination, making his chances of success slim from the outset. The Hayek family, which controls around a quarter of the company’s capital and just under 43% of the voting ...