TechCrunch : Jony Ive to lead OpenAI’s design work following $6.5B acquisition o

Jony Ive to lead OpenAI’s design work following $6.5B acquisition of his company

OpenAI is acquiring io, the device startup that CEO Sam Altman and famed Apple designer Jony Ive have quietly been working on for two years, in a deal that values that startup at $6.5 billion, according to The Wall Street Journal. As part of the unusual deal announced Wednesday, Ive and his design firm, LoveFrom, will now lead creative and design work at OpenAI.

“Thrilled to be partnering with Jony, [in my opinion] the greatest designer in the world,” said Altman in a post on X Wednesday. “Excited to try to create a new generation of AI-powered computers.”


OpenAI and Ive’s collaboration puts one of Apple’s former design heads — famous for crafting many iPhones, iPods, iPads, and Apple Watches — at the forefront of the newest technology wave, generative AI. Since the launch of ChatGPT in 2022, OpenAI has amped up its consumer business significantly. Earlier this month, the company appointed former Meta executive and Instacart CEO Fidji Simo to lead its consumer applications.

Ive could help OpenAI directly compete with Apple in the consumer hardware space, putting even more pressure on the iPhone maker. In recent years, Apple has struggled to develop AI features that keep up with the latest technology from OpenAI and Google. Apple’s stock fell 2% on Wednesday after the OpenAI and Ive collaboration was announced.

Io has a staff of around 55 engineers, scientists, researchers, physicists, and product development specialists, per The Wall Street Journal, all of which will join OpenAI. Many of io’s employees are former Apple designers — including Scott Cannon, Evans Hankey, and Tang Tan — who helped build the firm’s most iconic products.

Ive is retaining control of his design firm, LoveFrom, which will continue to operate independently.

Io, under OpenAI, will develop AI-powered consumer devices and other projects. Altman and Ive have reportedly been working on a device that moves consumers “beyond screens.” Bloomberg reports that Ive and Altman’s first devices are slated to debut in 2026. The Wall Street Journal reports that Ive will have an expansive role, giving input into future versions of ChatGPT and more.

OpenAI already had a 23% stake in io as part of an agreement between the companies last year, according to The New York Times. That means OpenAI will pay $5 billion to fully acquire io, marking the ChatGPT maker’s largest acquisition ever. Reportedly, the OpenAI Startup Fund made a separate investment in io last year.

In a video posted by OpenAI, Altman said the mission of io is to create a family of AI devices that will let people use AI to produce “all sorts of wonderful things.” Ive said he’s convinced that everything he’s learned “over the last 30 years has led me to this place and this moment.” The first AI device io is working on has “completely captured” Ive’s imagination, he said.

The world of AI devices is still in its infancy. Altman was an early investor in Humane, another AI hardware company founded by former Apple employees, which made an AI-powered “pin.” After a series of stumbles, Humane was sold to HP and its devices were sunsetted.

Meanwhile, other form factors for AI devices have shown more promise. Meta’s AI-powered smart glasses, which it’s developing with the eyewear giant EssilorLuxottica, have achieved strong sales and adoption among consumers. This week, Google unveiled its version of AI smart glasses that it’s developing with Samsung, Warby Parker, and other partners.

Ultimately, it’s unclear what shape OpenAI’s devices will take. Later in the video, Altman noted how using a laptop or smartphone to access ChatGPT was too cumbersome. Instead, the OpenAI CEO suggested he’d rather use a device more integrated into his everyday life

The Information first reported on OpenAI’s discussions to acquire io in March. At the time, the two companies were said to be discussing building a device that would bring a version of the technology from the movie “Her” to life.

WSJ : What’s Inside RFK Jr.’s MAHA Report

What’s Inside RFK Jr.’s MAHA Report
Scrutiny of ultra-processed foods, attacks on lobbyists and calls for larger clinical trials of vaccines

Key Points
  • The MAHA report, led by Kennedy, is expected to critique food chemicals, lobbyists and vaccines.
  • The report questions weedkillers’ health effects on children, but stops short of calling them unsafe.
  • The report echoes antivaccine views, urging more study of vaccine schedules and larger clinical trials of childhood vaccines against placebos.

WASHINGTON—Health Secretary Robert F. Kennedy Jr.’s widely anticipated “Make America Healthy Again” report is expected to criticize food additives, lobbyists and vaccines, but go easier than expected on pesticides in farming, according to people briefed on a draft version of the report.

The report, which is expected to be released as soon as Thursday, was compiled by the Kennedy-led MAHA Commission, which President Trump established in February with an executive order. The people briefed on the draft version said that the planning was fluid and that changes could be made ahead of the final version.

White House spokesman Kush Desai said that, “until the MAHA Commission’s report is released, any discussion about its contents should be disregarded as baseless speculation.”

Here’s what to know:

Pesticides questioned but not labeled unsafe
The report is expected to raise questions about the health effects on children from two common weedkillers used by U.S. farmers, but stop short of labeling them unsafe. Agriculture groups and some government officials had pushed back against assertions that glyphosate, the active ingredient in Roundup, made by Bayer, and atrazine, a herbicide used on grasses and corn, are likely causes of childhood disease. The U.S. Environmental Protection Agency has said glyphosate isn’t likely to cause cancer.

The MAHA report is expected to call for a government health assessment of glyphosate in 2026.

“If the administration’s goal is to bring more efficiency to government, then why is the MAHA Commission duplicating efforts by raising questions about pesticides that have been answered repeatedly through research and reviews by the Environmental Protection Agency?” Illinois farmer and National Corn Growers Association President Kenneth Hartman Jr. said.

Calls for more studies of childhood vaccines
The report echoes viewpoints long held by antivaccine activists, including those close to Kennedy. It calls for more study of the U.S. childhood-vaccine schedule, which has grown to a dozen recommended immunizations for infants, from three in 1983.

Kennedy and his allies have suggested, often without evidence, that higher childhood chronic disease may be linked to the expanded vaccine schedule.

Many public-health specialists say the additions to the schedule mean that children are now protected against more diseases. They also point out that the vaccines recommended today use far fewer antigens—substances that trigger an immune response—than older vaccines because of technology improvements.

The report is also expected to call for larger clinical trials of childhood vaccines against placebos, saying that more robust studies would improve understanding of vaccine safety. While some new vaccines are tested against placebos, as the Covid-19 vaccines were, in many cases medical ethicists consider it more appropriate to test new vaccines against other shots that are already available, so that children aren’t deprived of potentially lifesaving interventions.

Scrutinizes child nutrition, processed foods and screen time
The report is expected to scrutinize ultra-processed foods, saying they have resulted in children consuming too many highly processed grains, sugars and fat, as well as too many calories overall. The report is likely to criticize the federal dietary guidelines for not addressing ultra-processed foods, according to people familiar with it.

Kennedy has said he expects the next update of the dietary guidelines will advise people to eat more whole foods and avoid packaged items and be released before summer’s end.

The MAHA report is also expected to call for increased nutrition research at the National Institutes of Health, including long-term trials comparing children’s diets that are low-carbohydrate, high in whole foods and low in ultra-processed food.

The report is also expected to examine screentime for children, including smartphones for teenagers, and says children spend less time in nature than previous generations. It suggests those factors and others may contribute to growing mental-health problems in children and teens.

Warring with lobbyists
Kennedy and his allies have long been critical of the influence of lobbyists on the regulation of food and pharmaceuticals. But it is unusual for a government report to directly criticize lobbying efforts, as the MAHA report is expected to do.

The report is expected to call out lobbying by the food, chemical and pharmaceutical industries, detailing their campaign contributions, lobbying spending and attempts to influence legislation, scientific literature and medical training for doctors. The report is also expected to take aim at pharmaceutical television ads, which Kennedy has said he would like to clamp down on.

WSJ : Pentagon Says It Has Taken Possession of 747 Jet From Qatar

Pentagon Says It Has Taken Possession of 747 Jet From Qatar
Decision to accept a donated commercial aircraft, which Trump has said will serve as Air Force One, has raised security and ethics questions

Key Points
  • The Pentagon accepted Qatar’s $400 million airliner donation for Air Force One.
  • The Defense Department will ensure security and mission readiness for the aircraft.
  • The Air Force will modify the Boeing 747, but details are classified.

The Pentagon said Wednesday that it had formally accepted a donated $400 million luxury airliner from Qatar that President Trump has said will serve as Air Force One.

“The secretary of defense has accepted a Boeing 747 from Qatar in accordance with all federal rules and regulations,” Pentagon spokesman Sean Parnell said. “The Department of Defense will work to ensure proper security measures and functional-mission requirements are considered for an aircraft used to transport the President of the United States.”

The Air Force said it was preparing to modify the aircraft but wouldn’t provide further details about the plane, citing that information related to the aircraft was classified.

NYT : OpenAI Unites With Jony Ive in $6.5 Billion Deal to Create A.I. Devices

OpenAI Unites With Jony Ive in $6.5 Billion Deal to Create A.I. Devices
OpenAI said it was buying io, a start-up founded by Mr. Ive, the designer of the iPhone, to usher in a new era of artificial intelligence hardware.

The rise of artificial intelligence has profoundly altered the technology world in recent years, upending how software is created, how people search for information, and how images and videos can be generated — all with a few prompts to a chatbot.

What the technology has yet to do, though, is find a preferred form in a physical, everyday gadget. A.I. largely remains the domain of an app on phones, despite efforts by start-ups and others to move it into devices.

Now OpenAI, the world’s leading A.I. lab, is taking a crack at that riddle.

On Wednesday, Sam Altman, OpenAI’s chief executive, said the company was paying $6.5 billion to buy io, a one-year-old start-up created by Jony Ive, a former top Apple executive who designed the iPhone. The deal, which effectively unites Silicon Valley royalty, is intended to usher in what the two men call “a new family of products” for the age of artificial general intelligence, or A.G.I., which is shorthand for a future technology that achieves human-level intelligence.

The deal, which is OpenAI’s biggest acquisition, will bring in Mr. Ive and his team of roughly 55 engineers, designers and researchers. They will assume creative and design responsibilities across OpenAI and build hardware that helps people better interact with the technology.

In a joint interview, Mr. Ive and Mr. Altman declined to say what such devices could look like and how they might work, but they said they hoped to share details next year. Mr. Ive, 58, framed the ambitions as galactic, with the aim of creating “amazing products that elevate humanity.”

“We’ve been waiting for the next big thing for 20 years,” Mr. Altman, 40, added. “We want to bring people something beyond the legacy products we’ve been using for so long.”

Mr. Altman and Mr. Ive are effectively looking beyond an era of smartphones, which have been people’s signature personal device since the iPhone debuted in 2007. If the two men succeed — and it is a very big if — they could spur what is known as “ambient computing.” Rather than typing and taking photographs on smartphones, future devices like pendants or glasses that use A.I. could process the world in real-time, fielding questions and analyzing images and sounds in seamless ways.

Mr. Altman had invested in Humane, a company that pursued this kind of vision with the creation of an A.I. pin. But the start-up folded not long after its product flopped.

In their interview, Mr. Ive expressed some misgivings with the iPhone and said that had motivated him to team up with Mr. Altman.

“I shoulder a lot of the responsibility for what these things have brought us,” he said, referring to the anxiety and distractions that come with being constantly connected to the computer in your pocket.

Mr. Altman echoed the sentiment. “I don’t feel good about my relationship with technology right now,” he said. “It feels a lot like being jostled on a crowded street in New York, or being bombarded with notifications and flashing lights in Las Vegas.” He said the goal was to leverage A.I. to help people make some sense of the noise.

As part of the deal, Mr. Ive and his design studio, LoveFrom, will remain independent and continue to work on projects separate from OpenAI. Scott Cannon, Evans Hankey and Tang Tan, who also founded io with Mr. Ive, will become OpenAI’s employees and report to Peter Welinder, a vice president of product, who will oversee the io division. The acquisition is a significant windfall for Mr. Ive.

OpenAI and LoveFrom declined to disclose financial specifics, including whether the $6.5 billion deal would be paid in cash or stock. The deal is subject to regulatory approval.

OpenAI already owned a 23 percent stake in io as part of an agreement between the two companies at the end of last year, two people with knowledge of the deal said, so it is now paying around $5 billion to fully acquire the start-up. OpenAI separately has a Start-up Fund that invested in Mr. Ive’s start-up last year, the people said.

(The New York Times has sued OpenAI and its partner, Microsoft, for copyright infringement regarding news content related to A.I. systems. OpenAI and Microsoft have denied the claims.)

OpenAI set off the A.I. boom in late 2022 when it released the ChatGPT chatbot. In March, the start-up completed a $40 billion funding that valued it at $300 billion, making it one of the world’s most valuable private companies. The fund-raising round was led by the Japanese conglomerate SoftBank.

As it has grown, OpenAI has struggled to adopt a new corporate structure. Founded in 2015 as a nonprofit organization, the A.I. lab has been trying to reinvent itself as a for-profit company so it can more easily raise money from investors. If it does not restructure by the end of the year, SoftBank could halve its investment in the company.

That makes the billions that OpenAI is paying for Mr. Ive’s start-up a steep outlay, especially as the start-up is also unprofitable. Building the technology that powers ChatGPT and other services is enormously expensive, and OpenAI is under pressure to raise revenues.

OpenAI expects about $3.7 billion in sales this year and about $11.6 billion next year, according to financial documents reviewed by The Times. The company is also in talks to acquire Windsurf, an A.I.-powered programming tool, for about $3 billion.

Asked how OpenAI would find the money to buy io, Mr. Altman said the press worried about OpenAI’s funding and revenues more than the company did.

“We’ll be fine,” he said. “Thanks for the concern.”

The deal came together after Mr. Ive, a protégé of Apple’s founder, Steve Jobs, who designed the iPod and many other products, became intrigued by A.I. He felt somewhat lost after leaving Apple in 2019, he said, and was eager to find his next act.

wo years ago, Charlie Ive, one of his 21-year-old twin sons, told him about ChatGPT, Mr. Ive said. Curious about his son’s excitement over the chatbot, Mr. Ive connected with Mr. Altman. They became friends.

Mr. Ive said he was so enamored with the technology that he founded io last year with several peers to conceptualize new hardware products suited to A.I. By early this year, it became clear that he and Mr. Altman wanted to form a partnership to work on a new generation of devices, he said.

Mr. Ive said the partnership was not being led by a fiscal imperative but from a place of building products that “benefit humanity.”

“I believe everything I’ve done in my career was leading to this,” he said.

WSJ : Former Apple Design Guru Jony Ive to Take Expansive Role at OpenAI

Former Apple Design Guru Jony Ive to Take Expansive Role at OpenAI
OpenAI to buy Ive’s startup in $6.5 billion deal, as Ive and CEO Sam Altman work on new generation of devices and other AI products

Jony Ive, a chief architect of the iPhone, and his design firm are taking over creative and design control at OpenAI, where they will develop consumer devices and other projects that will shape the future look and feel of AI.

OpenAI Chief Executive Officer Sam Altman and Ive’s design firm, LoveFrom, have been working on a new device that will move consumers beyond screens, according to people familiar with the matter. They have been collaborating for two years on a closely-guarded project, considering options including headphones and other devices with cameras, the people said.

The former Apple employee’s AAPL -1.75%decrease; red down pointing triangle work at OpenAI will extend across all the company’s ventures, from future versions of ChatGPT to audio features, its app and other products, according to people familiar with the matter.

London-born Ive left Apple in 2019 to found LoveFrom, a design firm that’s worked for Ferrari, Airbnb and the luxury Italian fashion firm Moncler. Ive also leads io, a company founded last year to design and develop a new family of AI-powered products.

As part of an unusual deal announced Wednesday, OpenAI will also acquire io in an all-equity deal that values it at $6.5 billion. OpenAI acquired a 23% stake in io late last year, people familiar with the matter said. OpenAI’s startup fund also invested at the time.

The acquisition of the rest of Ive’s io puts an executive who helped change the relationship between consumers and technology at the forefront of a new era of devices. While Ive and Altman have yet to say so publicly, their effort is focused on moving consumers away from screens, the people said.

Io’s staff of roughly 55 engineers, scientists, researchers, physicists and product development specialists will become part of OpenAI, while LoveFrom continues to operate independently.

OpenAI will be a customer of LoveFrom and LoveFrom will receive a stake in OpenAI, people familiar with the matter said. The companies expect the transaction to close this summer pending regulatory approval.

“I have a growing sense that everything I have learned over the last 30 years has led me to this moment,” Ive said in a statement. Altman said he hopes the team can “bring some of the delight, wonder and creative spirit that I first felt using an Apple Computer 30 years ago.”

Ive and Altman said in a joint statement that their work together grew out of friendship and collaboration.

Altman has long been fond of Apple and was eager to strike a deal with the iPhone-maker when the company sought partnerships for the rollout of Apple Intelligence about a year ago. He has idolized Apple co-founder Steve Jobs even though Altman has been outspoken in his criticism of smartphones and what he sees as toxic aspects of screen addiction.

OpenAI’s acquisition of io points to its growing ambitions as a more consumer-centric company focused on mass-market products and impact. Altman recently hired Facebook and Instacart veteran Fidji Simo, an operations-focused executive, who’s tasked with helping the company become a profitable and publicly traded company.

Altman has taken a number of steps to explore device and hardware options, investing in 2020 in the startup Humane, which launched what it called the Ai Pin with OpenAI’s technology that failed to catch on with consumers.

While much of Ive’s work at Apple revolved around the specific look and feel of products in the physical world, he also took greater responsibility for software issues on certain devices toward the end of his tenure there.

ArtNews : Why Is Michelangelo’s David So Important?

Why Is Michelangelo’s David So Important?

Michelangelo, David, 1501–1504, Galleria dell'Accademia, Florence, Italy

Calling Michelangelo’s David iconic is something of an understatement: A monument of art history both literally and figuratively, it is undoubtedly the world’s most famous sculpture—and, with a height of nearly 14 feet and a weight of more than six tons, impossible to ignore.

Fashioned from white Carrara marble and depicting its subject completely nude, David (1501–1504) represented a high-water mark of the Florentine Renaissance, a paragon of the revival of classicism that marked Europe’s emergence out of the medieval period. “It cannot be denied that this work has carried off the palm from all other statues, modern or ancient, Greek or Latin,” Giorgio Vasari would later write in The Lives of the Artists, first published in 1550, “No other artwork is equal to it in any respect.”


Indeed, the acclaim it met upon its unveiling was such that when a committee of artists discussed where exactly David should be installed, an envious Leonardo Da Vinci suggested an out-of-the-way location. Instead the piece received pride of place in front of the Palazzo Vecchio, Florence’s seat of power, on the Piazza della Signoria (though it had been originally intended for the roof of the city’s cathedral, the Duomo).

The figure of David—the shepherd boy and future king of Israel who brought low the gargantuan Philistine champion, Goliath, with a slingshot—had already been a subject for other Florentine artists years before Michelangelo. During the 1440s, for instance, Donatello fashioned a bronze version of the biblical hero (also naked), depicting him in a rather louche pose with one hand on his hip and the other holding a sword as he steps on Goliath’s severed head.

David, then, was something of a civic symbol, but Florence’s identification with him intensified when France’s King Charles VIII invaded Italy in 1494. Florence’s ruling Medici family, accused of compromising the city’s independence from the French, was expelled, followed by the establishment of a new republic (which started inauspiciously with the two-year reign of the theocratic Dominican friar Girolamo Savonarola). Confronted by adversaries that included the Medici plotting a return to power, Florence embraced David as the embodiment of heroic resistance, ultimately leading to the creation of Michelangelo’s masterpiece.

Technically, Michelangelo was taking over a commission that had been in progress for decades. The Opera di Santa Maria del Fiore, the organization charged with the construction and maintenance of the Duomo, had initially awarded the grant to Donatello’s protégé, Agostino di Duccio, in 1463. It was assumed that the David would be carved from multiple pieces of marble, but when Agostino went to the quarry at Carrara to select the material, he chose a single, massive block of bianco ordinario, a lesser grade of rock that would eventually prove problematic. Agostino roughed out the torso, legs, and feet of David before abandoning the work upon the death of his master in 1466. Ten years later, another student of Donatello, Antonio Rossellino, was hired to resume the effort, but he immediately withdrew from the contract, citing the poor quality of the stone. The block, which became known as Il Gigante (The Giant), lay outdoors on its side in the Duomo’s courtyard for 25 years before Michelangelo entered the picture in 1500.

The Opera had already raised Il Gigante upright and built a scaffold around it when Michelangelo commenced carving on September 13, 1501. He worked in secret in the courtyard, exposed to the elements, demonstrating a talent for laboring under difficult conditions that would become mythologized with his work on the Sistine ceiling.

Once Michelangelo had finished, it became clear that there was no way to hoist the sculpture to the top of the Duomo as planned, and the aforementioned committee was convened to determine a suitable alternative location. Among the suggestions was a spot in front of the cathedral, which Sandro Botticelli endorsed. Others thought that, given the imperfections in the marble, it should be placed under the roof of the Loggia dei Lanzi on the Piazza della Signoria to protect it from the rain. The committee ultimately decided on putting David in front of the Palazzo Vecchio, where it served as a totem of defiance against Florence’s enemies.

Packed in a wooden crate, David was transported the half mile from the cathedral to the Piazza della Signoria in June 1504. It took 40 men more than four days to roll the sculpture along greased logs to its final destination. Michelangelo continued to add finishing touches to the statue once it was installed, and gold leaf was later applied to parts of the figure, a long-forgotten addition that wore off over time.

Michelangelo’s rendering of David was unlike any previous iteration. Whereas the subject had usually been presented in triumph over his defeated foe, Michelangelo chose the moment before the confrontation. David is presented with one hand raised, holding a sling draped over his shoulder, with the other hand hanging by his side, clenching the rock he’d soon let fly. His body is relaxed yet coiled for action, his countenance wary and alert as his eyes size up his target with a penetrating glare. His hands are huge, suggesting massive batteries ready to discharge their deadly energy. The power and subtlety with which Michelangelo conveys David’s inherent tension through musculature and facial expression are indeed unmatched, as Vasari stated, by any work before or since.

After cracks were discovered in the statue’s left leg, it was moved to the Gallery of the Academy of Florence during the 1870s. In 1882 it was moved again to a purpose-built alcove within the Academy, where it sits under a domed skylight. In 1910 a replica was placed in the statue’s former spot on the Piazza della Signoria.

Over the years, David has attracted millions of visitors, and on one occasion in 1991, the unwanted attention of a deranged artist named Piero Cannata, who attacked the sculpture with a hammer, breaking off the second toe on the left foot. He was detained, along with tourists attempting to make off with the pieces. But repairs were successfully made to David, renewing its role as a testament to human achievement.

FT : Activist investor fails to win Swatch board seat

Activist investor fails to win Swatch board seat
GreenWood Investors’ Steven Wood says he will consider requesting an extraordinary meeting

Investor Steven Wood has failed in his bid to win a board seat at Swatch Group, after the powerful Hayek family voted against his resolution at the struggling watch group’s annual meeting.

Wood, founder of US firm GreenWood Investors, had campaigned for a board seat to drive a turnaround at Swatch, which owns 16 brands including Omega, Longines and Harry Winston.

But his attempt faced long odds given opposition from the Hayek family, which owns 25 per cent of Swatch’s shares but controls 44 per cent of the voting rights. Nick Hayek Jr, son of founder Nicolas Hayek, and his sister Nayla are group chief executive and chair, respectively.

The board had recommended Wood’s bid be rejected before the company’s annual meeting on Wednesday, and the company said 79.2 per cent of shareholders voted against his election.

Wood, who owns about 0.5 per cent of Swatch stock but has the backing of another investor holding about 1 per cent, said he would consider his options including requesting an extraordinary meeting.

That would require the backing of 5 per cent of shareholders, with Wood then able to ask for a separate vote among Swatch’s bearer shareholders — generally institutions — to be elected as their representative.

Swatch has a dual-class share structure. The Hayek family own mostly registered shares, which carry greater voting rights than bearer shares. Wood wants to serve as a representative for holders of bearer shares, which represent 55 per cent of Swatch’s share capital.

Swatch shares are down 25 per cent over the past year. At their height in 2013, shares were trading at about SFr600 and it reported profits of nearly SFr1.6n ($1.9bn). Swatch reported a 75 per cent fall in net profit to SFr219mn last year and its shares on Wednesday were trading at SFr148.

The US-based investor said he was grateful to the majority — 62 per cent — of the bearer shareholders who voted in favour of him and for “fresh perspectives on Swatch Group’s board of directors.”

He also criticised confusing procedures at the meeting and unclear voting instructions for shareholders. Wood said he was not seeking to replace Jean-Pierre Roth, a former president of the Swiss National Bank who has served on Swatch’s board since 2010. Mr Roth is the designated representative of Swatch’s bearer shareholders.

The board presented it as an “either-or” option, instead of Wood being added to the board’s numbers.

“Given the improper invitation to the AGM and unclear voting instructions, it was not clear to bearer shareholders today, nor me, that a vote for Mr Roth was a vote against me,” Wood said.

Proxy advisers Institutional Shareholder Services and Glass Lewis had recommended voting against the re-election of Swatch’s supervisory board, citing corporate governance concerns.

Wood added that in recent weeks, GreenWood Investors had “received overwhelming support from investors, industry experts and Swatch employees”.

“This has only reinforced our conviction that fresh perspectives on the board are essential.”