Kadokawa Corporation CEO Takeshi Natsuno survived a shareholder vote at the company’s annual general meeting on June 24, 2026, despite pressure from Oasis Management to remove him [1, 2, 3]. Oasis, Kadokawa's largest shareholder with between 13.76% and 15.25% ownership, campaigned against Natsuno citing concerns over "profit leakage" related to the Elden Ring franchise [4, 1, 2, 3].
Oasis criticized Kadokawa for outsourcing global publishing of Elden Ring to Bandai Namco instead of self-publishing, which they argue costs Kadokawa significant revenues. The activist investor said Kadokawa "continues to leave a meaningful share of the economics" to third-party publishers, causing "significant and ongoing loss of value" for stakeholders [1]. Oasis also called for more aggressive investment in big-budget games like Elden Ring and better management focus on FromSoftware, the developer under Kadokawa's umbrella [4, 1, 5].
Elden Ring, released in 2022, has sold over 30 million copies as of 2025 and spawned expansions including Shadow of the Erdtree and the Nightreign multiplayer spinoff [4, 1, 5]. Despite the game's success, Kadokawa's return on equity fell sharply to 0.5% in 2025 compared to 9.4% in 2022 [4]. Oasis contended CEO Natsuno backtracked on promises to bring publishing in-house, despite raising funds for that strategy in 2022 [5, 3].
Natsuno and Kadokawa’s board argued removing him now would cause instability amid ongoing company reforms [4]. Following the vote, Kadokawa appointed Koji Okura, a former Mitsubishi Heavy Industries director, to its board [2].
Kadokawa also faced challenges in 2024, including a data breach and an investigation into freelancer working conditions, which added to company pressures [4]. Oasis clarified it does not want to force a sale of FromSoftware but wants it positioned as Kadokawa’s central growth driver [1].
Institutional Shareholder Services said, "While it may take time to find a replacement for Natsuno, this is a challenge worth accepting," reflecting some investor doubts about leadership change timing [4].
Kadokawa’s next scheduled disclosure is its fiscal year financial results later in 2026, where further details on performance and strategy are expected.
