AFC Ajax has announced that it is suspending CEO and Chairman Alex Kroes with immediate effect and intends to terminate his position permanently.
The Dutch topflight football club made the decision earlier this week after learning that the CEO purchased over 17,000 shares of the club a week before his intended appointment was announced on 2 August 2023.
Upon review, the Supervisory Board sought external legal counsel, which indicates that he likely engaged in insider trading, which is deemed a criminal offence.
Michael van Praag, Chairman of the Supervisory Board, commented: “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’ 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.”
This news has sparked concern from fans, with some supporters claiming that the club knew about the CEO’s shares prior to starting his new role, raining questions as to why this wasn’t dealt with even sooner.
Translated: “Kroes indicated on LinkedIn that he had already informed the RVC in August 2023 of his shares prior to his appointment. If this is true, why do you, as an RVC, wait until after his employment to do all this? This will only set the club on fire even more!”
Following this decision, Kroes’ duties and responsibilities will be assumed by his fellow Board Members. Additionally, van Praag will temporarily support the board as a delegated commissioner.
In the near future, the club has stated that an Extraordinary General Meeting of Shareholders (EGM) will be held to gather shareholder input regarding the proposed dismissal, as outlined in the articles of association. Following this, the Supervisory Board will make a decision.
The Chairman added: “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.”
On a more positive note, Ajax and Adidas extended their long-term partnership, in a move which will see it exceed 30 years under the terms of the new agreement which was signed in January.
