Malaysia Watch Forum
Main Forums => General Discussion - Modern Watches => Topic started by: takashi78 on May 06, 2011, 07:12:36 AM
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Rolex has named Gian Riccardo Marini as the company’s new CEO, effective immediately.
Mr. Marini formerly served as managing director of Rolex Italy. He replaces Bruno Meier, who was named CEO in 2008.
For a company that has had only 3 CEO's in the last 100yrs but now suddenly in the past few years they changed 2?
Something is happening behind the curtain maybe? ???
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Interesting news.
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Change at Top for Rolex Catches Analysts by Surprise
By REUTERS
ZURICH — Rolex, the world’s biggest luxury watch brand, has replaced its chief executive after only two years, raising questions about possible management problems at the very discreet brand.
Riccardo Marini, who was previously responsible for Rolex Italia, will succeed Bruno Meier, the privately held company announced Wednesday. No details were given about why Mr. Meier was leaving Rolex, whose models compete with Swatch Group’s Omega brand and Richemont’s Cartier.
“I think there are internal differences of opinion at the company, at least partly in terms of degree of openness to the outside world,” Jon Cox, an analyst at Kepler Capital Markets, said.
Rolex is controlled by a foundation named after its founder Hans Wilsdorf and never discloses any financial details.
Mr. Meier was appointed chief executive of Rolex in 2008, succeeding Patrick Heiniger, who held the position for 16 years.
“I don’t think this will lead to any change in terms of the independence of Rolex given the foundation’s control, although no doubt changes will trigger speculation,” Mr. Cox added. He estimated the company would carry a price tag of 15 billion Swiss francs, or $17 billion, “at the bare minimum.”
Rene Weber, an analyst at Vontobel, estimated sales at Rolex amounted to 4.4 billion Swiss francs in 2010. He also said he was surprised by the change in leadership.
“The reasons are unclear and the new C.E.O. is not known to us,” he said.
A Rolex spokeswoman, Virginie Chevailler, said the board had also updated corporate structures to continue the development of the brand, prepare for the future and cope with a pickup in markets, especially emerging markets.
Demand for Swiss watches has rebounded strongly from a slump during the economic crisis, thanks to growing appetite for luxurious timepieces in emerging markets, particularly Hong Kong and China.
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And its all busy in Rolex forums.... ;)