of the Swatch watch. Its colorful appearance and marketing helped Switzerland regain a large share of the lower end of the watch market from Japanese makers. The design used almost half the number of parts of a traditional wristwatch to reduce cost without compromising on quality. After the reorganisation ASUAG and SSIH merged, initially becoming the Société Suisse de Microélectronique et d'Horlogerie. Hayek and Swiss investors bought a majority shareholding in the new group in 1985. Hayek became chairman and chief executive officer in 1986. His business strategies helped the Swiss watch industry regain its market leading position. Hayek is also credited with a fundamental role in the creation of the Smart Car with Mercedes-Benz. The name "Smart" was derived by adding the first letters of Swatch and Mercedes to the word "art". Hayek's son Nick Jr. became the CEO of the Swatch Group in 2003. Nicholas Hayek remained Chair Swatch Group's board until his death. His daughter Nayla succeeded him as chairperson. Death Hayek died of a cardiac arrest while working at the Swatch Group headquarters on 28 June 2010. Press Harvard Business Review, March–April 1993. Message and Muscle: An Interview with Swatch Titan Nicolas Hayek Wall Street Journal Interview, June 2010. Nicolas Hayek: Time Bandit Video Video (French), TSR Interview, 1988 Video, CBC Interview from the 1990s, Part 1 Video, CBC Interview from the 1990s, Part 2 Video (French), Q&A with L'Hebdo, May 2009 Video (French), Pardonnez-moi, L'Interview de Darius Rochebin Video (French), TSR News Report, June 2010 References 1928 births 2010 deaths The Swatch Group Hayak Lebanese people of American descent Eastern Orthodox Christians from Lebanon Lebanese billionaires Swiss businesspeople Lebanese emigrants to Switzerland People from Koura District People from Biel/Bienne Antiochian Greek Christians