Takeshi Natsuno, CEO of Japanese media and gaming group Kadokawa Corporation, has retained his board seat following a closely watched shareholder vote, despite a campaign by activist hedge fund Oasis Management calling for his removal, according to a report by Reuters.
While Natsuno secured re-election at the company’s annual general meeting, shareholder support fell to 59.68%, down from 90% a year earlier, highlighting growing investor dissatisfaction with the company’s profitability and governance.
Oasis, Kadokawa’s largest shareholder with a stake of more than 15%, had urged investors to vote against Natsuno, arguing that earnings and returns have deteriorated during his tenure despite the global success of the Elden Ring franchise. Proxy advisers ISS and Glass Lewis also backed the campaign.
Kadokawa’s board supported Natsuno, warning that his removal could disrupt ongoing reforms. Following the vote, the company said it would review its management structure, executive compensation and medium-term business plan.
The result is the latest sign of rising shareholder activism in Japan, where investors are increasingly challenging management teams over weak returns and governance standards.
