Ajax CEO Suspended for Insider Trading
Kosport Magazine – Apr 2, 2024
In a shocking turn of events, Ajax’s chief executive Alex Kroes has been suspended for suspected insider trading just two weeks after taking up the post. This latest development adds to the turbulence of Ajax’s season, which has seen multiple changes in management and a decline in form.
Kroes, who only took up the role on March 15, has been suspended with immediate effect and the club has stated their intention to terminate his contract. This decision was made after it was discovered that Kroes had bought over 17,000 shares in Ajax just a week before his appointment was announced in August 2023. The club has sought legal advice and believes that Kroes “likely engaged in insider trading.”
This news is a major blow to Ajax, as Kroes was seen as the man to lead the club back to success. His arrival was delayed due to a non-competition clause in his previous contract, but he was eventually chosen to replace Edwin van der Sar as CEO. However, his actions have been deemed unacceptable by the club’s supervisory board, with chairman Michael van Praag stating that “Alex Kroes’ actions are not in line with what Ajax stands for.”
Kroes has released a statement on LinkedIn, stating that he will refer the case to the Netherlands’ Authority for Financial Markets (AFM) for an independent judgement. He claims that he bought the shares as a sign of faith in the club and not for personal gain.
This suspension adds to the difficulties of Ajax’s season, which has seen them at the bottom of the Eredivisie in late October 2023. Their two pre-season appointments of sporting director Sven Mislintat and manager Maurice Steijn both proved to be short-lived, with Mislintat being dismissed after just 129 days and Steijn being sacked in October.
Ajax will now have to rethink their plans and the board members will take over Kroes’ duties in the short term. The club is currently in fifth place in the Eredivisie and faces a tough road to qualify for European competition. Kroes had stated his goal of making Ajax a title contender within three years, but now the club must focus on rebuilding and moving forward without him.
