Thursday, December 18, 2008

BREAKING NEWS - Rolex CEO to Resign

Patrick Heiniger, CEO and Managing Director of Rolex, will be stepping down at the end of the year. Heiniger had no comment, but Rolex issued a statement stating his decision stemmed from a desire to pursue "personal activities". Heiniger has been the executive face of Rolex since 1992, when he succeeded his father Andre as Managing Director. Andre Heiniger, for his part, became Managing Director in 1960, the year that Rolex founder Hans Wilsdorf died.

Operations at Rolex will continue under the aegis of the board of directors. According to Rolex, Patrick Heiniger will stay on with the company in an advisory role.

Rolex was founded in 1908. Among the achievements of Hans Wilsdorf was the establishment of a private trust operated by a board of directors to ensure long-term stability and growth for Rolex.