Supervisory Board suspends Alex Kroes due to strong indications of insider trading

Logo Ajax 1920
Logo Ajax 1920

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.

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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.

Chairman of the Supervisory Board, Michael van Praag: "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's 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. 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."

His fellow board members will take over Alex Kroes's duties and responsibilities. Furthermore, Michael van Praag will temporarily assist the board as a delegated commissioner.

In the short term, an Extraordinary General Meeting of Shareholders (EGM) will be held to hear the shareholders about the intended dismissal, as prescribed by the articles of association. After that, the Supervisory Board will decide on the dismissal. 

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