Shareholder Conflict over Elden Ring Administration Does Not Lead to CEO Dismissal of FromSoftware Principal Stakeholder

**Takeshi Natsuno Endures Shareholder Opposition at Kadokawa Corporation**
Takeshi Natsuno, the Chief Executive Officer of Kadokawa Corporation, which holds a majority stake in FromSoftware, has effectively managed a major challenge to his leadership posed by the activist shareholder group Oasis Management. Although Oasis is Kadokawa’s largest shareholder with a 15.25% share, their attempt to remove Natsuno during the latest shareholder meeting did not succeed.
On June 1, Oasis Management submitted a motion to dismiss Natsuno, claiming he was “considerably unfit to serve as a Director of the Company.” The group highlighted a significant drop in Kadokawa’s earnings per share, which they asserted had decreased to less than half of the amount recorded five years prior to Natsuno’s tenure. Additionally, Oasis Management faulted Kadokawa’s emphasis on “quantity over quality,” contending that the multitude of manga, anime, and video game releases over the preceding five years had diluted the company’s intellectual properties.
Oasis also specifically referenced FromSoftware, indicating that despite Kadokawa owning the global asset, there had been unsuccessful attempts to pursue independent global publishing. They pointed out that this absence of self-publishing, especially given the potential of blockbuster titles like *Elden Ring*, has led to considerable economic value being funneled to external publishing partners instead of Kadokawa’s shareholders.
In a comprehensive presentation, Oasis suggested that if FromSoftware were to achieve similar success as *Elden Ring*, which sold over 30 million units, the lack of self-publishing would again leave significant profits with outside partners.
After the shareholder vote on June 24, Kadokawa disclosed that a majority of its shareholders had backed Natsuno, thus dismissing Oasis Management’s proposal. Following this outcome, Natsuno’s initiative to enhance the board was announced, with Koji Okura, a former Director of Mitsubishi Heavy Industries, being appointed.
Oasis Management’s attempts to bolster their stake in Kadokawa have been remarkable, increasing their ownership from 11.85% to 15.25% in just a few months. This escalating influence indicates that forthcoming disputes could become more pronounced as they persist in promoting their vision for Kadokawa’s strategic direction.
With the next general shareholders’ meeting set for 2027, the recent events signify a crucial moment in Kadokawa’s leadership dynamics and corporate governance.