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Ajax’s season of chaos has continued after the club suspended their new CEO Alex Kroes after ‘indications he was engaged in insider trading’.
Kroes was appointed by the Dutch side last summer but was only able to begin his duties in Amsterdam last month due to contract complications with previous club AZ Alkmaar.
Ajax released a statement on Tuesday morning saying it had learned Kroes purchased over 17,000 shares a week before he was slated to be appointed in early August last year, adding that it ‘indicates he likely engaged in insider trading’.
Ajax – who have already been dealing with a spate of woeful results, fan protests and two sackings, said it intends to terminate his contract permanently – insisting his position is now ‘untenable’.
‘The Supervisory Board of AFC Ajax NV has decided to suspend Alex Kroes, CEO and chairman of the board, with immediate effect and intends to terminate the collaboration permanently,’ they said in a statement.
Ajax have suspended new CEO Alex Kroes after accusing him of ‘insider trading’
The club say his position is untenable after he ‘purchased over 17,000 shares before his intended appointment last summer’
It continues a chaotic season for Ajax, who have endured a nightmare campaign following dismal results and fan protests
‘This decision was made after the Supervisory Board learned that Kroes purchased over 17,000 shares of Ajax a week before his intended appointment was announced on August 2, 2023. The Supervisory Board sought external legal advice, which indicates that he likely engaged in insider trading. Insider trading is a criminal offence.
‘His fellow board members will take over Alex Kroes’s duties and responsibilities. Furthermore, Michael van Praag will temporarily assist the board as a delegated commissioner.
‘In the short term, an Extraordinary General Meeting of Shareholders (EGM) will be held to hear the shareholders about the intended dismissal, as prescribed by the articles of association. After that, the Supervisory Board will decide on the dismissal.’
Michael van Praag, chairman of the Ajax board, said the club were ‘deeply dismayed’ by the news and said ‘such a violation of the law cannot be tolerated’.
‘We are deeply dismayed that this has occurred at Ajax, as it is highly detrimental to the club and everyone who holds it dear to them,’ he said.
Ajax chairman Michael van Praag (L) said the club were ‘deeply dismayed’ following the developments and claimed Kroes’ position was untenable
Kroes had been seen at Anfield for the Liverpool legends friendly against Ajax legends just last week
Ajax supporters have been in uproar this season and have thrown flares and missiles onto the pitch – with their game against Feyenoord in September being abandoned
‘Alex Kroes’s actions are not in line with what Ajax stands for. The timing of his share purchase indicates insider trading. Such a violation of the law cannot be tolerated by a publicly listed company, especially when it involves the CEO.
‘After careful consideration, the Supervisory Board has therefore concluded that Alex’s position as a director of Ajax is untenable. I want to emphasise that the technical policy will continue with the individuals in place and on the path Ajax was already on with Alex.’
Just a week ago, Kroes had travelled for the Liverpool legends game against Ajax legends at Anfield, with the 49-year-old pictured posing next to Liverpool CEO Matt Parish.
Ajax have already been suffering a nightmare season that has seen them sack Maurice Steijn as manager following a disastrous set of results in October that left them in the Eredivisie relegation zone with just five points – their worst run since 1954.
Former director of football Sven Mislintat was axed in September, with boss Maurice Steijn then sacked the following month
There has been fan fury and protests too with a game against Feyenoord abandoned in September after flares and fireworks were thrown onto the pitch with the side 3-0 down. Just hours later, chief Pier Eringa stepped down after six months in the role.
Just days before, director of football Sven Mislintat was axed after just 129 days in the job following some poor signings last summer.
Ajax were also dumped out of the Dutch Cup by minnows USV Hercules – an amateur team with students in their team – one of the most incredible results in the country’s footballing history.
In a bid to steady the ship, the club announced former manager Louis van Gaal would return to the club as an advisor in October, despite his recent revealations that he was suffering from prostate cancer.
Ajax have managed to turn things around since new boss John van’t Schip took charge on October 30, with the club currently fifth in the Eredivisie table after 12 wins, eight draws and seven defeats – giving them 44 points on the board.
They are currently 28 points off league leaders PSV.
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