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Ajax, the Amsterdam-based football club, faced another blow to its turbulent season as it suspended CEO Alex Kroes on Tuesday, with intentions to terminate his employment due to suspected insider trading involving the club’s shares.
Kroes, who assumed the CEO position just last month as a permanent successor to Edwin van der Sar, shared a statement on LinkedIn expressing his disagreement with the decision of the Supervisory Board.
A seasoned sports administrator, Kroes was envisioned as a pivotal figure in rejuvenating the struggling four-time European champion, which endured a dismal season start, leading to its relegation into the Eredivisie zone and the dismissal of coach Maurice Steijn.
Ajax struggles through the season
Although the club has climbed back to fifth in the Eredivisie, it remains significantly behind the league leader PSV Eindhoven by 28 points and is actively seeking a new coach for the upcoming season.
Michael van Praag, chairman of the supervisory board, expressed deep dismay over the situation, stating, “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 revealed that Kroes was suspended following the discovery of his purchase of over 17,000 Ajax shares a week before the announcement of his intended appointment last August.
What did Ajax say?
“The supervisory board sought external legal advice, which indicates that he likely engaged in insider trading. Insider trading is a criminal offense,” the club stated.
In response, Kroes confirmed his acquisition of approximately 17,500 Ajax shares shortly before his appointment, in addition to his existing shareholding in the club.
“I thought it would be a positive sign to express confidence in the club and to shareholders,” he stated, defending his actions. “I believe that you express confidence to your fellow shareholders and stakeholders when you buy shares yourself and therefore also run financial risks yourself. ‘Skin in the game,’ as it’s called.”
The departure of Kroes comes after the exit of Edwin van der Sar last May, following the team’s third-place finish in the Dutch league, which led to missing out on a Champions League qualification.
Van der Sar’s tenure saw a successful partnership with former teammate Marc Overmars, until Overmars resigned from his position as the director of football over two years ago amidst controversy.
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