‘Deeply dismayed’ Ajax to sack CEO Alex Kroes for alleged insider trading
Ajax have suspended their chief executive Alex Kroes and say they intend to sack him just two weeks into the job over allegations of insider trading.
It is the latest episode in the decline of the four-time European champions, who fired director of football Marc Overmars for sending sexual messages to female colleagues in 2022 and are currently mired in their worst season for 24 years.
Ajax said they were “deeply dismayed” that Kroes had bought more than 17,000 shares in the Amsterdam club a week before his appointment was announced in August 2023.
“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,” the club said.
“The Supervisory Board sought external legal advice, which indicates that he likely engaged in insider trading. Insider trading is a criminal offence.”
Michael van Praag, chairman of the supervisory board, added: “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.
“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.”
Kroes, who only took up the post last month after a clause in his contract with previous team AZ Alkmaar elapsed, said he had not yet agreed to join Ajax when he bought the last of his shares.
“I thought it was a positive signal to radiate confidence in the club and to shareholders. To be part of that – literally and figuratively,” he wrote in a post on LinkedIn.
“I believe that you radiate confidence to your fellow shareholders and stakeholders if you buy shares yourself and therefore also run financial risks yourself. ‘Skin in the game’, as they say.”
Ajax currently sit fifth in the Dutch top division, 28 points behind leaders PSV Eindhoven, and are at risk of failing to qualify for European competition for the first time since 1991.
Their players include England midfielder Jordan Henderson, who joined the club In January following a brief spell in Saudi Arabia.
