Alex Kroes has been allowed to return to Ajax in an altered role of technical director just over three weeks after his suspension for suspected insider trading.
Kroes, 49, formally began work as Ajax CEO in March, but was suspended just 19 days into his tenure after it was found that he “likely engaged in insider trading” prior to his initial appointment in August 2023 by buying 17,000 shares in the club.
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Insider trading — the buying or selling of stocks based on privileged information — is a criminal offence. Kroes subsequently submitted all required information to the Netherlands’ Authority for the Financial Markets (AFM) for scrutiny and maintains that his actions do not amount to criminality.
Following Kroes’ suspension, internal battles raged over his future — with one side arguing that the suspension was merited, the other claiming that it was motivated by Kroes’ proposed course of action since taking the job.
Ajax have endured their worst season in a generation, a result of accumulated poor decisions over recent seasons. The intention in appointing Kroes was to fit Ajax with a modernised and efficient structure, according to staff who had been briefed on his strategy. There had also been an internal report into the actions of former technical director Sven Mislintat. Those familiar with the ongoing process believe that Kroes was behind the decision not to release the report, believing it was unduly lenient on members of Ajax’s leadership.
The Supervisory Board (RvC) and management of AFC Ajax NV reached an agreement this Thursday with Alex Kroes that he will step down as CEO and chairman of the board, and subsequently start as titular technical director.
— AFC Ajax (@AFCAjax) April 25, 2024
On April 14, following a disastrous week which culminated in Ajax’s 6-0 derby loss to rivals Feyenoord, the club’s Members Board and ultras wrote to the Supervisory Board — who took the decision to suspend Kroes — asking them to reconsider their decision.
This Thursday, following lengthy internal discussions, the Supervisory Board allowed Kroes to return to the club in the new role of “technical director”, provided “that he will step down as CEO and chairman of the board”.
They also added the condition that his position may be reconsidered if an authorised authority discovers “at any time that there has been a serious violation of insider trading rules”.
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Michael van Praag, chairman of the Supervisory Board, said in an Ajax statement: “We are not deaf to the voices around us and have spoken extensively with people within and outside Ajax over the past weeks, including the Executive Board and, of course, with Alex himself.
“Naturally, conditions have been agreed upon that made this change possible. The club needs to move forward, and we believe it is good for Ajax that we ultimately reached this solution together. Alex will play an important role in the football-technical part of the organisation, particularly on the acquisition and sales policy.”
At this moment, the exact parameters of Kroes’ new role are unclear, as well as whether Ajax still intend to appoint an external replacement CEO. The Athletic understands that Kroes was already planning to head recruitment over the summer, before potentially appointing and handing over the role to former RB Leipzig and Chelsea technical director Christopher Vivell.
Kroes added: “I am very pleased we found a suitable solution. We have put the interests of Ajax and football first together; the focus at Ajax must be on football again. We need everyone’s support to finish this season as well as possible. At the same time, we will jointly start working decisively for the new season.”
GO DEEPER
The fall of the House of Ajax
(Peter Lous/BSR Agency/Getty Images)
