Was there any evidence of battery leakage (white crystals, liquid etc) when you changed the battery?
This is a very common problem with watches of this age. As it is a liquid, the battery acid can get in all manner of places (depending on how the watch was stored) and cause all manner of problems.
Sometimes on first inspection all looks OK and its only when you investigate fully (by taking things apart) that you find out what has happened.
All that said, it may be something else entirely, and possibly just age related circuit failure.
This is a very common problem with watches of this age. As it is a liquid, the battery acid can get in all manner of places (depending on how the watch was stored) and cause all manner of problems.
Sometimes on first inspection all looks OK and its only when you investigate fully (by taking things apart) that you find out what has happened.
All that said, it may be something else entirely, and possibly just age related circuit failure.