...The Maverick CEO...
THE JEAN-FREDERIC
DUFOUR STORY
By Danny Crivello
In 2025, Jean-Frédéric Dufour will mark 10 years as the CEO of Rolex. Yet, few articles have been written about Rolex's top boss who is often described as a charismatic and reserved figure.
As a contributor to Jake's Rolex World, I felt it was important to write about the 56-year-old CEO who "sits on the throne of watchmaking," as once described by Jean-Claude Biver.
The Maverick CEO
Dufour has made some clear breaks from previous Rolex leadership eras, with design innovations and business moves that have often stunned the industry. He has also steered the Crown into a position of unmatched strength in the watch industry.
In the past 10 years, Dufour solidified Rolex's position of global leader not only in watchmaking but also in luxury.
Friends and former colleagues refer to Dufour with familiarity as “Jean-Fred,” a nod to his earlier days as CEO of Zenith. Rolex insiders refer to him simply as “JFD.”
A short statement from Rolex in 2014 confirmed JFD’s future appointment on a “date to be determined,” after the news was leaked to the media. Dufour took office as Chief Executive Officer of the brand on Wednesday, June 17, 2015.
Few in watchmaking know Dufour first began his career as a trainee at a bank in Hong Kong. But he soon found that finance was not for him, and returned to Geneva in the early 1990s in search of something different.
One of the few local industries still in reasonable shape was watchmaking, and following a chance meeting with the owner of Chopard, Dufour was offered a job.
One of the few local industries still in reasonable shape was watchmaking, and following a chance meeting with the owner of Chopard, Dufour was offered a job.
He started as a salesman at Chopard and spent 12 years at the group before arriving — via stints at Swatch and Ulysse Nardin — at Zenith in 2009. He would earn the respect from mentors along the way, like Jean-Claude Biver.
“His great quality is his deep knowledge of the product,” Biver once said of Dufour. “This is the essence of a watch brand, and it’s a question of education, of innate sensitivity.” Now, at the age 47, Dufour would sit on the throne of watchmaking: Rolex.
Rolex, which is often seen as a symbol of watchmaking endurance in Switzerland, has historically been governed with a continuity rare in the corporate world; only three general managers have led the company since 1910.
However, in 2009, the sudden departure of CEO Patrick Heiniger amid internal strife marked a period of turbulence. Bruno Meier, Rolex’s CFO, took the reins that year, but his background as a Deutsche Bank-trained financier lacked the hands-on product and industrial expertise central to Rolex’s identity.
Meier’s two-year tenure — the shortest in Rolex history — was marked by internal turmoil. He was replaced by Gian Riccardo Marini, a veteran of Rolex Italy, whose father and brother both worked at the brand. Marini, however, was an atypical choice for the top job at Rolex, being neither Swiss nor Protestant, a detail that held some weight in Geneva. After four years, Marini stepped aside, and Dufour’s appointment was announced.
The steady influence of Bertrand Gros, a Genevan lawyer and Rolex board chairman since 2007, helped steer the brand back toward stability. Behind the scenes, Gros worked to shape a leadership vision that would honor Rolex founder Hans Wilsdorf's legacy of stability and excellence. Gros, in a rare interview given in 2014 to a Swiss newspaper, described the role of the next Rolex CEO as one “for the next fifteen to twenty-five years.”
Dufour’s ascent to Rolex was seen by insiders as an ideal fit. Known for his deep connections within Geneva’s elite circles, Dufour not only presented the right credentials but also embodied a blend of refinement and discretion essential for the job. Dufour was charismatic and discreet at the same time, qualities that aren’t easily found together.
Under Dufour, Rolex’s revenues surged from 4.9 billion to over 10 billion francs, according to estimates by financial analysts. One of his first moves was to gradually increase Rolex prices, elevating the brand’s exclusivity while maintaining consumer demand — affirming Rolex’s reputation as a luxury leader.
He managed to increase production volumes from an estimated 800,000 to 1.2 million units, according to the latest estimates, while maintaining the tight quality control Rolex built its reputation on. At the same time, Dufour revitalized Tudor, Rolex’s secondary brand, positioning it to compete directly with the likes of Breitling and TAG Heuer.
He acquired a stake in the foundation that manages Watches and Wonders, becoming its president, thereby strengthening Geneva’s central role in the global watchmaking ecosystem.
Dufour tried to unite the industry’s forces under the largest yearly watch show in the world, even extending a hand to the Swatch Group.
He led the acquisition of Bucherer in 2023, in the last days of Jörg Bucherer’s life, although the rapprochement had been years in the making. He initiated Rolex’s first Certified Pre-Owned program, opening a new revenue stream for retailers.
Under his leadership, Rolex announced the establishment of a new manufacturing site in the city of Bulle, an unusual location that is far from the typical employment hubs found near the French border.
He also organized Tudor’s manufacturing under Kenissi Holding with the French-Swiss company Dalloz Frères, and shared the facility with Chanel, showing Dufour’s willingness to work with other brands.
Finally, Dufour’s influence is visible in Rolex’s evolving product lineup. The left-handed CEO, who wears his watches on the right wrist, instigated the design of a GMT-Master II with a crown on the left. Rolex also debuted models in titanium and introduced exhibition casebacks — a break from tradition. The Sea-Dweller was given a Cyclops; the Explorer, the two-tone treatment. The Cellini line was replaced by the Perpetual 1908, and a Day-Date was released with emojis.
Dufour’s next move could be acquiring the legendary Beyer Watches & Jewellery, in Zurich, the oldest watch retailer in the world, founded in 1760 and run by René Beyer, eighth generation Beyer. Like Jörg Bucherer, Beyer has a succession challenge and could agree to sell to Rolex.
Industry insiders also say Patek Philippe could sell itself to Rolex after the elder Stern passes away. Philippe Stern just turned 86 in November. Thierry Stern, his son, has denied rumors Patek is currently for sale.
Still, Rolex stands today as a beacon of desirability — a frustrating desirability, some will say — driven not solely by rarity but by a reputation of top quality in the luxury sector.
JFD brought Rolex from being in an enviable position to an unassailable one. In an era where smartwatches are all the rage, he put the brand at the top of the watchmaking world.
