Rolex Group announced only its fourth leader since 1905 yesterday after the surprise departure of its chief executive, when it named Bruno Meier, the finance director, as the next head of management.

The abrupt departure of Patrick Heiniger, for “personal reasons”, followed a denial by the company that it had lost SwFr1 billion (£600 million) invested with Bernard Madoff, the American asset manager charged with a $50 billion (£33 billion) fraud.

Mr Heiniger, 58, has led the group since 1992, when he succeeded his father, Andre. Rolex said that he had left to “pursue personal projects”.

Analysts questioned the timing of his departure on Wednesday, which came as the luxury watch sector is facing a difficult trading period. The financial crisis is starving its customers of the bonuses that experts say is the lifeblood of the industry.

Mr Heiniger’s departure came the day after L’Agefi, a Swiss financial daily, claimed that Rolex had lost money in the alleged Madoff fraud. The company has denied the claim.

The shake-up comes amid predictions from analysts that Swiss watches will be the worst-hit part of a luxury sector that JPMorgan expects to contract by 4 per cent next year.

John Guy, an analyst at MF Global Securities, estimates that sales of Swiss watches will slump by 15 per cent next year. “[The chief executive] stepping down at this time does seem slightly odd, given that the watch industry is in for a tough time,” Mr Cox told Bloomberg, the news agency. “If we get this nuclear winter next year in the watch industry, a lot of companies will be in trouble.”

James Lawson, a director of Ledbury, a marketing research group that specialises in the luxury goods market, said that the slump in bonuses had hit the three extravagant “big ticket” purchases they normally fund: property, luxury cars and Swiss watches.

Swiss watchmakers were set this year to export £325 million of goods to Britain, a market that is thought to be worth £650 million at the retail stage.

Once a bastion of financial conservatism, Switzerland has been rocked by the global liquidity crisis and is deeply embroiled in the Madoff debacle. Union Bancaire Privée has a $700 million exposure to Madoff, while executives at UBS and Credit Suisse – the country’s two largest banks – have forgone bonuses in acknowledgement of their role. However, neither UBS nor Credit Suisse is thought to have significant exposure.

Rolex said that Mr Heiniger would remain as an adviser to the company. His departure brings to an end the “Heiniger era” at the watchmaker. Mr Heiniger’s father took control of the company in 1963, succeeding Hans Wilsdorf, the founder, as president. The company is privately owned by the Hans Wilsdorf Foundation. The brand is worth about $5 billion, according to Interbrand.

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