Greubel Forsey has just announced that ownership of the company has once again reverted to Robert Greubel and Stephen Forsey, confirming rumours that have been circulating since Michel Nydegger replaced Antonio Calce as chief executive.

With Mr Calce’s departure, the brand was pivoted back to more traditional complicated watches, as exemplified by the recent Hand Made 2 and Nano Foudroyante EWT.

The shares owned by Mr Calce, was acquired by either the two cofounders or the company itself. The statement issued by Greubel Forsey states “Mr. Calce no longer holding any shares in the company or being affiliated with it.”

Mr Calce came on board in 2020, and redirected the brand towards high-end sports watches. Industry talk at the time was that he was not only pivoting the company’s products, but also engaged in a search for a buyer for the brand.

With a majority stake, Mr Greubel continues as the board’s chairman. Though his exact role is unspecified, Mr Forsey will presumably take off where he left off, as both a brand ambassador and watch constructor.

The return of the two founders as the company’s only shareholders is the latest twist in the story of the company. Besides Mr Calce, Richemont once owned a stake in the brand. The Swiss luxury group, which also owns Cartier and Lange, acquired 20% of the brand in 2006 but the hoped-for synergies or acquisition never came to pass. Richemont sold the stake back to Greubel Forsey in 2022 , just after Mr Calce came on board.