Swatch's Raucous Analyst Call Pits CEO Hayek Against Investors [BNN Bloomberg (Canada)]
SWATCH GROUP AG UNSP/ADR (SWGAY)
NASDAQ:AMEX Investor Relations:
swatchgroup.com/investor_relations/financial_announcements/latest_financial_announcements
Company Research
Source: BNN Bloomberg
seeking privileged information from a company that argues it's in the business of selling “watches, not shares.” The Swiss watchmaker told Bloomberg that investors who complained about its level of disclosure on a heated call Tuesday did so because they want “confidential information just for themselves,” saying, “that's an absolute no-go for us.” The maker of Omega, Longines and Tissot watches was asked on the call why its management doesn't engage more actively with the financial community, especially in light of its lagging stock performance and valuation compared with peers. Chief Executive Officer Nick Hayek replied that if investors don't like the company or the way it's managed and governed, they can invest elsewhere. That response was “not very constructive,” Roce Capital co-founder and fund manager Michael Niedzielski, who queried management on the call, said in an interview. Niedzielski said Swatch management has consistently brushed off investor concerns, claiming
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