Bruno Meier is the New Head of Rolex, Ending Heiniger Era
Posted by John Lavitt and filed under Rolex Events, Rolex Watches |
In an emailed statement on December 20, 2008, Rolex Group, the Swiss watchmaker, named Finance Director and respected ZKB baker Bruno Meier as head of management after Chief Executive Officer Patrick Heiniger resigned. As respected as the Rolex watches the company makes, the resignation of Patrick Heiniger came as a major surprise, ending almost half a century of leadership under the Heiniger family. Heiniger replaced his father Andre in 1992 who was the first executive to lead the company since the brand was created by Hans Wilsdorf in 1908. With Meier’s ascension to the top post, it will be the first time in the history of Rolex that the company has not been run by either Wilsdorf or a member of the Heiniger family.
Rolex invented the Oyster, the world’s first waterproof watch, and the company is renowned for its consistent history of quality and precision. The Rolex Group makes more than 170 models of the Oyster, including the Rolex Day-Date and the Rolex Datejust Presidential models, now and employs 8,000 people. Under the leadership of Patrick Heiniger, Rolex took over the entire manufacturing process of its watches, avoiding any reliance on third-party suppliers. Interbrand Chief Executive Officer Jez Frampton said Rolex has maintained a focus on making the very best in luxury watches, while other brands have ventured have introduced cheaper versions of their products to attract new clientele. “They’ve stuck to their knitting, “ Frampton said, “This is the key for a luxury brand: you can’t sell yourself cheap.”
Although 2008 will have been a record year, according to the Rolex Group, under Heiniger’s leadership, the departing CEO could not escape recent rumors that he had invested the company’s profits in the worldwide ponzi scheme of Bernard Madoff, the American asset manager charged with $50 billion dollar fraud. With a rumored loss of over a billion dollars, Heiniger, 58, stepped down for “personal reasons” to pursue “personal projects”. The company is privately owned by the Hans Wilsdorf Foundation, and, according to Interbrand, the Rolex brand is worth about $5 billion.
At ZKB (Swiss Bank Zürcher Kantonalbank), Bruno Meier was head of the Risk Management Unit, which seems appropriate given the risky times the luxury goods market is now entering. Here is the respected executives bio from the ZKB website: “Bruno Meier was appointed Head of the newly created Risk unit and a member of the executive board on 1 April 2008. He has served with ZKB since 1971, having performed a variety of key roles in distribution and risk management. From 2002 until the beginning of 2008, Bruno Meier was responsible for the credit office, where his remit covered credit analysis for the bank as a whole, specialist financing, as well as real estate valuation and consulting.”
Meier will be responsible for running the company along with the board of directors and management, Geneva-based Rolex said in an e-mailed statement today. This year will have been a “record” under Heiniger’s leadership, the watchmaker added that one of Meier’s first tasks will be to protect Rolex’s market share as the wealthy cut spending on luxury goods. The world’s richest people are likely to see the value of their assets shrink for the first time in at least 12 years in 2008, according to a report by Capgemini SA. Weaker spending may cause a drop of as much as 15 percent in Swiss watch exports next year, John Guy, an analyst at MF Global Securities, estimated. “The pain will be shared by all,” wrote Alessandro Migliorini, an analyst at Helvea SA in Geneva. “The shock wave from the financial crisis has finally hit all major markets.” With the end of the Heiniger era coinciding with the worldwide recession, Rolex enters new dangerous waters, which they believe can be navigated precisely by Meier as he raises the sails of continued quality and success at the legendary company.
January 3rd, 2009 at 4:26 pm
My family is friends with the Heiniger family and I must say that NOT ONE DIME WAS GIVEN TO MADOFF. What a shame that people are saying such lies about Patrick Heiniger this distinguished family and legendary company of Rolex.
January 24th, 2009 at 9:10 am
Is there a Rolex the name is Meier