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Tom Hamilton is Senior Writer
Ajax‘s turbulent campaign took an unexpected turn Tuesday when their Chief Executive Alex Kroes, just two weeks into his new role, was suspended for suspicion of insider trading.
Ajax announced they would “terminate his contract” and have suspended Kroes with immediate effect.
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Dutch giants have said that they made the decision after learning Kroes purchased over 17,000 Ajax stock shares a mere week before the announcement of his appointment, which was set for Aug. 2, 2020. After consulting legal advisors, the club concluded that Kroes “likely participated in insider-trading.”
Kroes was only appointed to the CEO role and board chairman in March 2015, after being nominated as such by August 2023. The one-year clause of his Ajax contract that prohibited him from competing for a year delayed the arrival. AZ AlkmaarHe was director of the international football strategy at. Edwin van der Sar, who resigned as CEO and general director in May 2023, was replaced by Kroes.
Michael van Praag is the chairman of Ajax’s supervisory board. “We were deeply shocked that it happened. This has a negative impact on the club, and all those who hold it dear,” he said. Said in a Statement. “Alex Kroes’s actions do not align with the values of Ajax. Insider trading is suspected by the timing of Kroes’ share purchases.
“A publicly traded company can’t tolerate such a breach of law, let alone when it is committed by the CEO. The supervisory board, after careful deliberation, has concluded that Alex’s position as director at Ajax was untenable. I would like to emphasize that Ajax’s technical policy is going to continue as it has been with Alex.
The aforementioned is a LinkedIn publishes a statementKroes has said that he would refer the case to AFM, Netherlands Authority for Financial Markets to arrive at “an independent judgment.” Kroes claimed that he purchased shares in Ajax on July 26th, 2023 as a show of confidence and to sign his contract for the new CEO.
Kroes revealed that he has been an Ajax fan since he was nine years old. “I’ve always had a connection with the club as both a player as well as as a fan. I was involved in the club from my heart, and then through shares. The shares I bought because of membership in the club. Because I have confidence in my club. To send out a positive message, not just to earn quick cash.
“I’ve always maintained that in the recent past, I wanted all attention on Ajax and not Alex. My moral compass tells me that I can’t accept the decision made by the Supervisory Board. In order to get an independent decision, I will independently take my issue to the AFM.
All this is causing Ajax unrest and I regret it deeply. I hope this phase will soon be over. With a heavy-hearted heart, I’ll be watching from afar what happens at Ajax starting today. Ajax has to become Ajax once again.”
This latest news comes after a tough season in which the Dutch giants’ form dropped to such an extent that they were relegated from the top of the Bundesliga. Eredivisie In late October 2023. The season has seen a lot of change, with the two appointments made in advance of this year’s campaign of Sven Mislintat as sporting director and Maurice Steijn as new manager both being short-lived.
Mislintat, who had been in the position for only 129 days when he was fired by Ajax after an investigation of a possible conflict of interest regarding one of Ajax’s transfers. Steijn’s dismissal came in October, when the club was experiencing its worst performance in 54 years.
Ajax John van t Schip As their interim coach, they find themselves fifth in Eredivisie. They are eight points behind fourth place and European qualifying. Feyenoord is in second place and has a chance to qualify for the Champions League. PSV, the leader of the Eredivisie league, is 28 points ahead.
There was hope that Kroes’ appointment would kick-start Ajax’s revival when he took over. Kroes, soon after his appointment as CEO said: “There are those who say it’ll take Ajax four or five more years to be contenders again for the title.” My contract lasts for three years, and I expect Ajax will be title contenders in this time.
Ajax must rethink everything. Van Praag, as Van Praag’s delegated commission, will assume Kroes’ duties and responsibilities for the near future. In order to proceed, the board must call an Extraordinary General Meeting for Shareholders to deliberate on the intent to terminate Kroes.
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