Manga, anime, and game publisher Kadokawa revealed on May 14 that its board of directors has chosen to reject a proposal aimed at removing Takeshi Natsuno from his current role as the company’s president and CEO (as noted by GameBiz).
The proposal originated from Oasis Japan Strategic Fund, a fund managed by Hong Kong-based activist hedge fund Oasis Management Company, Kadokawa’s largest shareholder as of March 30, 2026. The fund contended that there are “significant concerns regarding internal governance” within the company. It highlighted several issues, including Kadokawa’s perceived “prioritization of quantity over quality” in IP development, a “failure to fully capitalize on global publishing opportunities despite its ownership of FromSoftware, the developer behind Elden Ring,” and a notable drop in earnings per share during Natsuno’s tenure. The fund also expressed worry about goodwill impairment at anime studio Doga Kobo (which Kadokawa acquired in July 2024) and financial losses incurred by the company following the 2024 cyberattack, among other matters.
In reply, Kadokawa’s board of directors stated that much of the criticism does not accurately reflect the company’s true situation or is simply incorrect (especially the “quantity over quality” assertion). It determined that the proposal to remove Natsuno would be “unsuitable from the standpoint of enhancing medium- to long-term corporate value.”
The document elaborates that since Natsuno’s appointment as CEO in 2021, Kadokawa has been steadily growing its revenue and “fortifying its growth foundations” across publishing, games, anime, and other sectors by “establishing a system for reliably creating IPs, expanding its animation production capabilities, and broadening its overseas operations.” While acknowledging that Kadokawa has struggled to meet operating profit targets in areas like anime and publishing due to rising production costs, a scarcity of successful projects, and market dynamics, the board noted that a new mid-term management plan was unveiled on the same day. As Kadokawa intends to undertake a major overhaul of its strategies and reinforce Natsuno’s “Global Media Mix with Technology” business approach, it views his leadership as “essential” moving forward.
Mido