By  on June 30, 2010

PARIS — The board of the Swatch Group has appointed Nayla Hayek as chairman to succeed her late father Nicolas Hayek, thereby ensuring the world’s largest watchmaker will remain family run.

The announcement surprised markets, which had widely expected Nicolas Hayek’s son Nick to take on the duties of chairman in addition to his position as chief executive officer. However, with the two siblings in charge, analysts did not expect any significant change in the company’s strategy going forward.

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