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Ajax Suspend Club's New CEO Alex Kroes Over Alleged Insider Trading

02.04.2024 18:42

Kroes suspended after Ajax learned he purchased at least 17,000 shares of club a week before his intended appointment was announced in August last year.

Ajax on Tuesday suspended their new CEO Alex Kroes on allegations of insider trading and said it intends to sack him.

"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," a club statement said.

"This decision was made after the Supervisory Board learned that Kroes purchased over 17,000 shares of Ajax a week before his intended appointment was announced on August 2, 2023. The Supervisory Board sought external legal advice, which indicates that he likely engaged in insider trading. Insider trading is a criminal offence," it added.

Michael van Praag, the chairman of the Supervisory Board, said that they are "deeply dismayed" about the alleged insider trading at the Amsterdam club.

"Alex Kroes's actions are not in line with what Ajax stands for," van Praag said.

"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," he added.

Kroes, 49, began his duties at Ajax on March 15 this year after he had been proposed as the new CEO and chairman of the board in August 2023.

He previously served for Dutch Eredivisie clubs Go Ahead Eagles and AZ Alkmaar.

Kroes replaced ex-CEO Edwin van der Sar after the former Ajax and Netherlands goalkeeper stepped down from his executive role in May 2023. -

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