Nicolas G. Hayek, Chairman of The Swatch Group, 82, passed away on Monday due to heart failure. His Swatch empire was founded in 1983 when the future of Swiss mechanical watches was threatened by the cheaper Japanese quartz watches made by Casio and Seiko. He countered the Japanese threat by creating traditionally reliable Swiss watches with revolutionary colorful design while keeping price Swatch Group today also includes several well known brand like Breguet, Omega, Longines, as well as Rado and Tissot. Hayek's son, Nic , and Swatch Group CEO since 2003, will now take the course as the Swatch Group leader.