Takeshi Natsuno has retained his role as CEO of Kadokawa Corporation after shareholders rejected a proposal to remove him on June 24. The activist investor Oasis Management, which holds a 15.25 percent stake, led the effort but failed to secure majority support.
The vote took place during Kadokawa's annual shareholders meeting. Oasis Management had proposed dismissing Natsuno, arguing that earnings per share had fallen to less than half since he became CEO five years ago and that the company’s strategy of releasing numerous titles had weakened its intellectual properties.
Oasis also criticized Kadokawa for not achieving global self-publishing for FromSoftware, the developer of Elden Ring. The investor group noted that if FromSoftware produced another hit comparable to Elden Ring, which has sold over 30 million units, substantial value would go to external partners like Bandai Namco instead of Kadokawa shareholders.
Kadokawa announced the results in a notice titled “Regarding Changes in Members of the Board.” Shareholders approved Natsuno’s proposal and appointed Koji Okura, former Director of Mitsubishi Heavy Industries, to the board. Oasis Management had increased its stake from 13.76 percent to 15.25 percent on June 23.
The activist group is expected to maintain pressure ahead of the next general shareholders meeting in 2027.