Rolex CEO Patrick Heiniger resigned abruptly for "personal reasons" December 19th following reports--denied by the company--that the luxury watchmaker had invested hundreds of millions of dollars with Bernard Madoff, the American hedge fund manager charged with a $50 billion ponzi scheme. Bruno Meier, the finance director, will be promoted, ending a 48-year tenure under the Heiniger family.
The move came as the luxury watch sector is facing a difficult period for the first time in years. The financial crisis means the end of bonuses for many of its customers that experts say drive a significant portion of purchases.
Is there no end to the reign of financial terror caused by one, Bernard Madoff? What a sleaze-bag.