AJAX CEO Alex Kroes has been suspended immediately after being accused of insider trading.
The football executive appointed through the Eredivisie giants to update Edwin van der Sar last summer.
Due to his contract with former club AZ Alkmaar, Kroes was not able to start racing in Amsterdam until 15 March.
Just a fortnight later, Ajax suspended Kroes to terminate his contract.
In a statement, they confirm: “The supervisory board of AFC Ajax NV must promptly suspend Alex Kroes, CEO and Chairman of the Board of Directors, and intends to permanently end the collaboration.
“This resolution was taken after the supervisory board learned that Kroes had purchased more than 17,000 Ajax shares a week before the announcement of his appointment scheduled for August 2, 2023.
“The supervisory board has sought outside legal advice, indicating that it most likely engaged in insider trading. Insider trading is a criminal offense.
“His fellow members of the board of directors will take over the tasks and day-to-day work of Alex Kroes. In addition, Michael van Praag will temporarily serve on the board of directors as deputy auditor.
“In the short term, an Extraordinary General Meeting (AGM) will be convened to hear from shareholders on the proposed dismissal, as provided for in the bylaws.
“After this, the Supervisory Board will decide on the dismissal. “
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Ajax chairman Van Praag, 76, added: “We are deeply appalled by what has happened at Ajax as it is incredibly damaging to the club and everyone who appreciates it.
“Alex Kroes’ moves are what Ajax stands for. The timing of the acquisition of the shares indicates insider trading.
“Such a violation of the law can be tolerated in a publicly traded company, especially in the case of the CEO.
“After careful consideration, the Supervisory Board has concluded that Alex’s position as director of Ajax is untenable.
“I would like to emphasize that the technical policy will continue with the Americans in the position and on the path that Ajax has already followed with Alex. “
Ajax have had an eventful season on and off the pitch.
In October, they themselves were in the relegation zone, after recording their worst run since 1954.
Several key members of the squad have paid for their work, including former Arsenal scout Sven Mislintat and manager Maurice Steijn.
Mislintat had replaced former Gunners winger Marc Overmars as director of football but was sacked just 129 days after what was considered a poor summer move window.
Steijn, 50, signed a three-year contract in June after joining Sparta Rotterdam.
However, after two wins in 11 matches in all competitions, the Dutchman has won his marching order.
Since then, Ajax has bounced back under Steijn’s successor, John van ‘t Schip.
They are currently fifth in the Eredivisie table, having signed England star Jordan Henderson in January.
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