Rolex CEO Resigns for ‘Personal Reasons’

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 Bernie 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.

Categories: Rolex, Swiss Watch News.

Comments (2)

  1. Peter Talon

    Is there no end to the reign of financial terror caused by one, Bernard Madoff? What a sleaze-bag.

  2. Pingback: Patrick Heiniger, Former Rolex CEO, Dies at 62 | Swiss Watch Wire

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