Ajax CEO Alex Kroes Suspended Over Insider Trading Allegations: 17,000 Shares Purchased Before Appointment

Background

• Alex Kroes began his tenure as CEO of Ajax two weeks ago.
• He bought 17,000 shares in Ajax a week before his appointment was announced on August 2, 2023.
• Kroes couldn’t start working until March 2024 due to an agreement with his previous employer, AZ Alkmaar.

Insider Trading Allegations

• Ajax’s supervisory board commissioned independent legal advice.
• Conclusion: Kroes “likely engaged in insider trading.”
• Immediate suspension of Kroes.
• Board plans dismissal following an Extraordinary General Meeting (EGM) for shareholders.

Reactions

Ajax Supervisory Board

• Michael van Praag, Chair: “highly detrimental to the club.”
• “Such a violation of the law cannot be tolerated by a publicly listed company.”

Alex Kroes

• Defended himself in a LinkedIn post.
• Maintained that he did not take advantage of inside information.
• Saw share purchase as a sign of confidence.
• Alleged that the club’s actions were based on “moral compass.”

Context of Ajax’s Challenges

• Last year: Former director of football Marc Overmars banned from football for a year due to sexual harassment allegations.
• Overmars succeeded by Sven Mislintat, who was dismissed after only four months due to purchasing a player investigation.
• Head coach Maurice Steijn was let go due to poor performance.
• Ajax currently in fifth place in the Eredivisie, aiming to qualify for Europe through end-of-season playoffs.