Takeshi Natsuno, the CEO of Kadokawa Corporation, the majority shareholder of Elden Ring developer FromSoftware, has successfully retained his position following a bid by activist shareholder group Oasis Management to remove him. Oasis Management, which is Kadokawa’s largest shareholder with a 15.25 percent stake, did not secure a majority vote for its proposal during a shareholder meeting.
Oasis Management had proposed Natsuno’s dismissal on June 1, citing his tenure as CEO as “markedly unsuitable.” The group pointed to a significant drop in Kadokawa’s earnings per share, which they stated had fallen to less than half over the five years since Natsuno was elected. Oasis also criticized Kadokawa’s strategy, which they described as “quantity over quality,” arguing that the company’s numerous releases across manga, anime, and video games had diluted its intellectual properties.
The activist investors specifically highlighted FromSoftware, noting that despite Kadokawa’s ownership of the studio, the company has not achieved global publishing success independently and has not sufficiently leveraged its portfolio for overall group growth or IP monetization. Oasis had previously advocated for FromSoftware to self-publish its titles, suggesting that a hit game comparable to Elden Ring, with sales exceeding 30 million units, would leave substantial economic value with external publishers rather than Kadokawa shareholders if self-publishing were not adopted.
Kadokawa Corporation released a notice on June 24 detailing changes to its board of directors following the shareholder vote. The notice confirmed that the majority of shareholders voted in favor of Natsuno’s proposals and against Oasis Management’s motion. Koji Okura, formerly a Director at Mitsubishi Heavy Industries, has been appointed to Kadokawa’s board of directors as part of Natsuno’s proposed changes. The exact voting percentages for Natsuno’s proposal were not disclosed.
Oasis Management has been progressively increasing its investment in Kadokawa. The group raised its stake to 11.85 percent in March, surpassing Sony Group’s 11.01 percent share, and further increased its holding to 15.25 percent on June 23. Although Oasis Management did not succeed in ousting Natsuno this time, their continued investment suggests that future shareholder meetings, such as the next one scheduled for 2027, may see a closer vote.