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Swatch founder and CEO Nicholas G. Hayek died of apparent heart failure on June 29th while working in his Biel, Switzerland office. The Lebanese-born business icon is widely credited with saving the Swiss watch industry from oblivion when he launched Swatch in 1983. The cheap, plastic watch with the chic designs became a massive success story, lifted an entire industry, and beat back the Japanese challenge to Swiss dominance in watchmaking. Hayek was so successful that he added many high-profile brands to what became known as the Swatch Group in 1998. These include Rado, Breguet, Omega, Longines, Tissot, andMido; together with Swatch, they form a $4.9 billion watch powerhouse.By the turn of the century, Hayek was a billionaire, one of Switzerland's wealthiest men, and generally thought to be the country's leading entrepreneur.Hayek also had a passion for cars and played a lead role in developing the original Smart car with Daimler AG. In 2007, he had Swatch Group create a venture in called Belenos Clean Power SA to develop fuel cells to power cars. His daughter, Nayla Hayek, has been elected as his successor and will head the company's board. His son, Nick Hayek Jr., will carry on as the company's CEO, a position he has held since 2003. The Hayek family controls 39% of The Swatch Group.Related PostsSwatch Group Upbeat About 2010Omega's Ambitious PlansThe Swiss Watch King

The Swiss watch manufacturer is celebrating its status as official timekeeper of the Tour Auto for the fifth consecutive year by launching a new limited series: the Royal Oak Offshore Tour Auto 2010 Chronograph, issued in a limited edition of 60 pieces. As in previous years, Audemars Piguet will also be present on the Tour Auto by supporting two teams: the Blanchard/Cloch��-Dubois ladies' team driving an AC Bristol, and the Mecenat Chirurgie Cardiaque team at the wheel of a Jaguar MK1. The case, in stainless steel, measures 42mm. The crystal is sapphire and the caseback is engraved with the Tour Auto logo and bearing the legend "Royal Oak Offshore �C Serie Limitee. It is water resistant to 100 meters. Movement is the Swiss automatic AP caliber 2326/2840 with a power reserve of 38 hours. All parts are decorated by hand