Great blog post on the history of Rolex and their history of golf sponsorship, beginning with Arnold Palmer in 1967:
Beginning in 1978 Rolex pioneered the sponsorship of golfing events by aiding the British Open Championship right after which it forged a partnership with the United States Golf Association (USGA). Abiding with its principal of supporting exceptionally talented individuals Rolex sought out to promote women’s golf and soon formed a partnership with the LGPA. Additionally Rolex brought out the Rolex Player of the Year, the Louise Suggs Rolex Rookie of the Year and the Rolex First-Time Winners in order to honor and promote the ability of talented women golfers. The most recent development in this partnership is the launching of the Rolex Women’s Rankings that combines women golfers everywhere into one single entity. Apart from all of this Rolex is also the official timekeeper for the prestigious women’s golf tournament, the Solheim Cup. – from Melrose