Overview
- At the annual general meeting on Wednesday, June 24, Kadokawa re-elected CEO Takeshi Natsuno but his shareholder support plunged to 59.68% from roughly 90% a year earlier.
- Hong Kong activist Oasis Management, now Kadokawa’s largest investor with reports of roughly a mid-teens stake, led the campaign to replace Natsuno and won backing from proxy advisers ISS and Glass Lewis.
- Oasis says Kadokawa lost substantial earnings from Elden Ring by letting partners handle overseas publishing rather than capturing full global publishing economics, a claim the firm calls ‘material profit leakage.’
- Kadokawa said it will review its management structure, executive pay, and medium-term plan and added Koji Okura to the board as part of post‑AGM changes.
- The vote’s result reflects wider trends of growing activist influence in Japan and means investors should expect persistent pressure on Kadokawa’s strategy, publishing decisions for FromSoftware titles, and capital allocation ahead of 2027.