Kadokawa CEO Takeshi Natsuno has retained his position following an annual investor meeting where activist shareholder Oasis Management challenged his leadership over the company's recent financial performance.

Key Points

• Oasis Management, Kadokawa’s largest shareholder with a 13.76 percent stake, sought to remove CEO Takeshi Natsuno.
• Investors argued that the global publishing arrangement for Elden Ring resulted in significant profit leakage for the company.
• Kadokawa’s return on equity dropped from 9.4 percent in 2022 to 0.5 percent in 2025.
• The company faced additional scrutiny following a 2024 data breach and investigations into freelancer working conditions.
• Institutional Shareholder Services supported the push for leadership change, citing the need for new management despite potential transition challenges.

Why it Matters

This conflict highlights growing investor pressure on major gaming publishers to maximize returns from blockbuster titles like Elden Ring. The outcome suggests that while current leadership remains, the company faces ongoing scrutiny regarding its operational efficiency and long-term growth strategy.