Ajax’s tumultuous season took a new twist on Tuesday as their chief executive, Alex Kroes, was suspended by the club for suspected insider dealing, just two weeks after assuming the position.
Kroes has been suspended with immediate effect, with Ajax stating they “intend to terminate” his contract.
The Dutch giants revealed the decision was made after learning that Kroes purchased over 17,000 shares in Ajax just a week before his intended appointment was announced on August 2, 2023. Following legal advice, the club concluded that he “likely engaged in insider trading.”
Kroes officially assumed the role on March 15, after being proposed as the new CEO and chairman of the board in August 2023.
His arrival at Ajax was delayed due to a one-year non-competition clause in his contract at AZ Alkmaar, where he served as director of international football strategy.
Kroes was chosen to replace Edwin van der Sar, who resigned as general director and CEO in May 2023.
“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,” Ajax chairman of the supervisory board, Michael van Praag, stated. ”
Ajax Team (Via AFCAjax/Twitter)
Alex Kroes’ 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 emphasize that the technical policy will continue with the individuals in place and on the path Ajax was already on with Alex.”
Ajax said Alex Kroes bought 17,000 shares in the club a week before his intended appointment was announced in August.
In a statement published on LinkedIn, Kroes stated he will refer the case to the Netherlands’ Authority for Financial Markets (AFM) to “arrive at an independent judgment.”
Kroes revealed he purchased shares on July 26, 2023, as a sign of faith in Ajax’s project and before signing his contract as their new CEO.
“I have been an Ajax player since I was nine,” Kroes said. “I have always been involved in the club, as a player and as a member.
In my heart and later also through these shares. Shares that I bought out of involvement in the club. Out of confidence in the club. Not to make quick money, but as a positive signal to all stakeholders.
“I have always said in recent times that I want all the attention to be on Ajax, not on Alex.
But my moral compass says that I cannot simply accept this decision of the Supervisory Board. I will now independently go to the AFM to present my matter in order to arrive at an independent judgment.
Ajax Team (Via AFCAjax/Twitter)
“All this causes unrest for Ajax and I sincerely regret that. Hopefully, this period will be over soon. From today onwards, with a heavy heart, I will watch from a distance what is happening at Ajax. Ajax must become Ajax again.”
This latest development adds to a challenging season for the Dutch giants, who found themselves at the bottom of the Eredivisie in late October 2023.
The season has been marked by upheaval, with both the sporting director Sven Mislintat and manager Maurice Steijn appointed in the pre-season having short-lived tenures.
Mislintat was dismissed after just 129 days in September 2023 amid an investigation into a potential conflict of interest over one of Ajax’s transfers. Steijn was sacked in October with the club enduring their worst run of results in 54 years.
Ajax appointed John van ‘t Schip as their interim manager, but they currently sit fifth in the Eredivisie, eight points off fourth and European qualification.
They are also 21 points behind Feyenoord in second place for a shot at making the Champions League, while they trail PSV by 28 points at the top of the league.
Kroes’ appointment was initially met with optimism, with hopes it would herald Ajax’s resurgence.
“There are people who claim it will take four or five years for Ajax to become contenders for the title again,” Kroes stated soon after taking the job. “My contract is for three years, and I want Ajax to be a title contender in that time.”
However, Ajax must now reassess their plans. The board members will assume Kroes’ duties and responsibilities in the short term, with Van Praag acting as their delegated commissioner.
The next step is for the board to convene an Extraordinary General Meeting of the Shareholders (EGM) to discuss the intention to dismiss Kroes.
