Philippe C. Merk, 51, has been named the new chief executive officer of Swiss luxury watchmaker Audemars Piguet Holding S.A., effective Jan. 1, 2009.

Merk, CEO of Swiss watch brand Maurice Lacroix, developed that brand into a true watch manufacturer, adding production of its own mechanical movements and complications. Its Mémoire 1 watch is the first mechanical watch with a memory function.

Georges-Henri Meylan, longtime CEO of Audemars Piguet, will continue in that post until Dec. 31, and assist Merk in the transition.