CEO at Kadokawa, Japan's 'Elden Ring' powerhouse, survives shareholder vote (updated)

Kadokawa

24/06/2026 10:01

Oasis expects vote breakdown to show significant loss of shareholder trust
Oasis to monitor results and consider next steps 
Vote highlights rise in shareholder activism in Japan 
Writes through with comment from company and Oasis
By Anton Bridge

    TOKYO, June 24 (Reuters) - Japanese media powerhouse Kadokawa 9468.T said on Wednesday that its CEO had secured enough support from shareholders to stay on as a board member despite a campaign from activist investor Oasis Management calling for him to step down.
The exact level of support for Chief Executive Takeshi Natsuno at Kadokawa's annual general meeting was not disclosed.
"Oasis expects that the voting results, which are expected to be announced in the coming days, will demonstrate a significant loss of shareholder trust in Mr. Natsuno," Oasis, Kadokawa's largest shareholder with a 15.25% stake, said in a statement.
    The Hong Kong-based hedge fund added that it will closely monitor the voting results and consider its next steps accordingly.

PROFITABILITY DECLINED DESPITE 'ELDEN RING' SUCCESS
While Kadokawa's "Elden Ring" video game franchise has been a smash hit, Natsuno — who garnered support of 90% at last year's AGM — has faced criticism for declining profitability over his tenure since 2021. 
In May, Oasis called upon shareholders to vote him out, gaining support from proxy advisors ISS and Glass Lewis.
If it emerges that there was a sharp slide in support for Natsuno when the voting breakdown is revealed, that could increase pressure on him and help prompt changes that Oasis is seeking such as greater investment in big-name titles.
Kadokawa's board had backed Natsuno, arguing his removal would disrupt the company's reform efforts.
"We take both the results of today's vote very seriously as well as the opinions of all of our shareholders, including those who voted against the proposals or abstained," the company said in a statement.
It added that Kadokawa's board would examine the company's management structure, executive compensation and progress of its medium-term business plan as well as how it interacts with shareholders.
Japanese authorities have piled pressure on companies to improve returns and corporate governance, encouraging activist investors who have become more vocal and have scored some big wins.
Last year, an Oasis campaign led to the ouster of Eiji Sato, who was CEO at chemicals firm Taiyo Holdings 4626.T. U.S.-based Elliott Investment Management also had big victory over Toyota 7203.T against the terms of a buyout of a group firm — a campaign it waged through vocal public opposition.
    Moreover, domestic institutional investors are also becoming stricter in holding management at Japanese companies to account for failing to hit targets in profitability metrics such as return on equity.

 (Reporting by Anton Bridge; Editing by Edwina Gibbs)
 ((Anton.Bridge@thomsonreuters.com;))