The supervisory board of Ajax have decided to suspend chief executive Alex Kroes due to claims indicting the Dutchman for insider trading.
The club’s board claimed in a statement that a week before the announcement of his appointment on August 2, 2023, Kroes purchased more than 17,000 club shares.
Ajax suspend Alex Kroes for insider trading
Ajax announced that they plan to fire the 50-year-old, saying that the board has obtained outside legal advice that “indicates that he likely engaged in insider trading”.
The Dutchman, having barely been on the job for two weeks, stated he would not accept the board’s decision and would seek a ruling on his acquisitions from the Dutch financial watchdog AFM.
Alex Kroes said that between April 2022 and July 2023, he gradually bought club shares, pausing “to avoid any misunderstandings” after his confirmation of his Ajax job.
According to Kroes, he bought the shares “because he believed in the club”, and not because he was trying “to get rich”.
The 50-year-old also added that he had “given full information” regarding his assets to the supervisory board.
He also said: “I believe that you radiate confidence to your fellow shareholders and stakeholders if you buy shares yourself and therefore also run financial risks yourself.
“The AFM can then independently assess whether or not I have acted contrary to the law and the severity of this. Naturally, I will bear the consequences.”
The club’s chairman, Michael van Praag, expressed deep dismay over the situation, stating that Alex Kroes’ position is no longer tenable.
Van Praag emphasized that Kroes’ actions do not align with Ajax’s values, particularly highlighting concerns regarding insider trading due to the timing of his share purchase.
The board will address Alex Kroes’ dismissal at an upcoming shareholders meeting, with the final decision resting with the supervisory board.
When did Kroes begin his role as Ajax CEO
Kroes, who took on the role in August, only commenced his duties in March 2024, due to contractual obligations with his former club AZ Alkmaar.
The obligations included a competition clause in his contract with AZ Alkmaar, and an agreement had to be reached between both parties.
It was subsequently agreed that Kroes could begin his duties as chief executive of Ajax on March 15, 2023.
He was also the previous director of Go Ahead Eagles in the Dutch Eredivisie in early 2019 and the founder of the Sports Entertainment Group agency (SEG).
The Sports Entertainment Group agency is one of the largest football agencies in the Netherlands and also in the world with clients such as Memphis Depay and other exciting Dutch talents.
Alex Kroes eventually sold the Sports Entertainment Group agency in 2018 to a Dutch investment company.
Kroes succeeded former Manchester United goalkeeper Edwin van der Sar, who had stepped down at the end of the 2022/23 season, after Ajax’s third-place finish last season.
This resulted in them failing to secure qualification to the UEFA Champions League for the first time in over a decade.
Currently, Ajax sit fifth on the Eredivisie log with 44 points, trailing league leaders PSV Eindhoven by 28 points.
They return to action on April 4, 2024, facing Go Ahead Eagles, in a matchday 28 Dutch top-flight league action.
