Swatch Group Ltd. - changes at GlashÜtter Uhrenbetrieb GmbH

The CEO of GlashÜtter Uhrenbetrieb GmbH in GlashÜtte (Germany), Mr. Heinz W. Pfeifer will move to the Board of Directors of GlashÜtte Uhrenbetrieb GmbH in the course of 2003. The decision was taken some time ago at Mr. Pfeifer's request, enabling him to take on additional important tasks within the Management Board of the Swatch Group Ltd. As a member of the extended Group Management Board of Swatch Group Ltd., Mr. Pfeifer will continue to represent the GlashÜtter Uhrenbetrieb GmbH in this committee.
As proposed by Mr. Pfeifer, Dr. Frank MÜller will succeed him in the position of President of GlashÜtter Uhrenbetrieb GmbH.

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Source: Swatch Group press release
October 2002