Newly appointed Ajax chief executive officer (CEO), Alex Kroes, has been suspended over allegations of insider trading.

The Dutch club’s supervisory board shared the news via the team’s official website on Tuesday, 2 April. The board came to the decision after they discovered that Kroes purchased over 17 000 shares of Ajax last year, a week before his intended appointment was announced on 2 August.

“‘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’ actions are not in line with what Ajax stands for,” Chairman of the Supervisory Board, Michael van Praag, said.

Praag went on to explain: “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.”

The 50-year-old Dutchman has only been in the position for two weeks, having just started as a replacement for former CEO, Edwin van der Sar. However, the club has made it clear that they will not be keeping him on. Kroes’ fellow board members will assume his duties and responsibilities.

Image Credit: Source