The battle for control of Kadokawa Corporation isn’t over yet.
Takeshi Natsuno, CEO of FromSoftware parent company Kadokawa, has successfully retained his position following the company’s latest Annual General Meeting, despite a high-profile campaign by activist investors seeking his removal.
While Natsuno survived the vote, the result reveals growing dissatisfaction among shareholders over how Kadokawa has managed one of gaming’s biggest success stories: Elden Ring.
Kadokawa CEO Keeps His Seat — But Support Has Plunged
According to reports, Natsuno secured enough shareholder backing to remain CEO during this year’s AGM. However, support for his leadership dropped dramatically.
Shareholder approval reportedly fell from approximately 90% last year to just 59.68% in 2026, highlighting increasing concerns among investors regarding Kadokawa’s strategic direction.
Leading the opposition was Hong Kong-based activist investor Oasis Management, which recently became Kadokawa’s largest shareholder.
The investment group argued that Kadokawa failed to fully capitalize on the extraordinary success of FromSoftware’s blockbuster RPG Elden Ring.
Investors Believe Kadokawa Left Money on the Table
Oasis Management accused Kadokawa of allowing what it described as a “material profit leakage” from Elden Ring.
In essence, investors believe the publisher should have pursued additional opportunities to maximize revenue from the franchise following its unprecedented global success.
Another shareholder advisory firm, Institutional Shareholder Services (ISS), supported the criticism.
"While it may take time to find a replacement for Natsuno, this is a challenge worth accepting," ISS reportedly stated in a proxy report."
Following the AGM, Kadokawa announced it would review several aspects of its business, including:
- Executive compensation
- Management structure
- Progress on its medium-term business plan
Elden Ring Continues to Deliver Massive Results
It’s difficult to overstate just how transformative Elden Ring has been for Kadokawa.
Released in 2022 by FromSoftware, the critically acclaimed action RPG generated enormous financial success, reportedly boosting Kadokawa’s gaming revenue by 123%.
As of April 2025, Elden Ring has sold more than 30 million copies worldwide, while its acclaimed expansion, Shadow of the Erdtree, has surpassed 10 million units sold.
Despite criticism from investors, Kadokawa and FromSoftware have expanded the franchise in recent years.
In 2025, the studio released Elden Ring Nightreign, a multiplayer-focused spin-off and the first major spin-off in the Soulsborne franchise’s history. The title has already sold over five million copies.
The Elden Ring universe is also preparing to make the leap to cinema, with a film adaptation written and directed by acclaimed filmmaker Alex Garland scheduled to release on March 3, 2028.
Oasis Overtakes Sony as Kadokawa's Largest Shareholder
The shareholder dispute comes after Oasis Management increased its stake in Kadokawa earlier this year.
As of March 2026:
- Oasis Management owns 11.89% of Kadokawa.
- Sony Group holds 10.04%.
- Tencent owns 7.97%.
With activist investors now holding significant influence, pressure on Kadokawa’s leadership is unlikely to disappear anytime soon.
For fans, the immediate future of FromSoftware remains unchanged. But behind the scenes, one of Japan’s most influential entertainment companies is facing increasing demands to turn blockbuster gaming successes into even bigger business opportunities.
