Patrick Heiniger, 58, the chief executive officer of Swiss luxury watchmaker Rolex S.A., has unexpectedly resigned after 16 years, citing personal reasons.

Heiniger, who succeeded his father, Andre, in 1992, was to have left by the end of 2008, a record year for the Geneva-based watchmaker, says the company. Succeeding him is finance director and banker Bruno Meier.

Separately, the Rolex Group denied a report by the French financial newspaper L’Agefi that it may have lost up to $930 million allegedly invested with Bernard Madoff, the U.S. money manager who has been charged with a $50 billion international fraud.