{"id":9299,"date":"2026-05-21T04:00:00","date_gmt":"2026-05-21T02:00:00","guid":{"rendered":"http:\/\/stocks-future.com\/?guid=0acacf2fc2e25cee55ee88e168a5124b"},"modified":"2026-05-21T04:00:00","modified_gmt":"2026-05-21T02:00:00","slug":"oasis-calls-on-kadokawa-investors-to-vote-against-ceo-takeshi-natsuno-at-2026-agm-securities-code-9468-jt","status":"publish","type":"post","link":"https:\/\/stocks-future.com\/?p=9299","title":{"rendered":"Oasis Calls on KADOKAWA Investors to Vote AGAINST CEO Takeshi Natsuno at 2026 AGM (Securities Code: 9468 JT)"},"content":{"rendered":"<p class=\"bwalignc\">\n<b><i>*KADOKAWA performance has deteriorated significantly under CEO Natsuno:\n<br\/><\/i><\/b><b><i>EPS is down 89% during his tenure, ROE is down from 8.2% to 0.5%\n<br\/><\/i><\/b><b><i>* KADOKAWA fails to capture FromSoftware\u2019s full value, ceding economics to external partners\n<br\/><\/i><\/b><b><i>*Management\u2019s \u201cquantity over quality\u201d strategy for core Publication \/ IP Creation business has weakened profitability\n<br\/><\/i><\/b><b><i>*Execution failures have accumulated, while CEO Natsuno\u2019s multiple outside roles, the 2024 cyberattack, and the JFTC\u2019s subcontracting warning raise serious governance concerns\n<br\/><\/i><\/b><b><i>*It is time for accountability and management refresh\n<br\/><\/i><\/b><b><i>More information is available at <\/i><\/b><a  href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.abetterkadokawa.com&amp;esheet=54539043&amp;newsitemid=20260520251734&amp;lan=en-US&amp;anchor=www.abetterkadokawa.com&amp;index=1&amp;md5=92548f636cae698ab6b3fe00ed19ec4a\" rel=\"nofollow\" shape=\"rect\"><b><i>www.abetterkadokawa.com<\/i><\/b><\/a><\/p><p>HONG KONG--(BUSINESS WIRE)--Oasis Management Company Ltd. (\u201cOasis\u201d), the investment manager to private funds that own approximately 13.76% of the shares in KADOKAWA CORPORATION (\u201cKADOKAWA\u201d or the \u201cCompany\u201d), today announced the launch of its \u201cA Better KADOKAWA\u201d campaign.<\/p><p>\nAt KADOKAWA\u2019s upcoming AGM scheduled for June 24, 2026, Oasis is calling on fellow shareholders to:<\/p><ul class=\"bwlistdisc\">\n<li>\nVote <b>AGAINST<\/b> the Company\u2019s proposal to reappoint CEO Natsuno as a director; and<\/li>\n<li>\nVote <b>FOR<\/b> Oasis\u2019s shareholder proposal to dismiss CEO Takeshi Natsuno as a director.<\/li>\n<\/ul><p>\nTo make its case directly to fellow shareholders, employees, creators, business partners and other stakeholders, Oasis has launched the campaign website <a  href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.abetterkadokawa.com&amp;esheet=54539043&amp;newsitemid=20260520251734&amp;lan=en-US&amp;anchor=www.abetterkadokawa.com&amp;index=2&amp;md5=d6b2203ece6a280f52f5fa41e3a2dbbe\" rel=\"nofollow\" shape=\"rect\">www.abetterkadokawa.com<\/a>, where it has published a detailed presentation setting out the case for leadership change.<\/p><p>\nKADOKAWA\u2019s Board has asked shareholders to again trust CEO Natsuno to maximize long-term corporate value despite the current leadership\u2019s track record of materially weaker earnings, missed targets, deferred accountability and accumulated governance concerns.<\/p><p>\n<b>Five Years of Deteriorating Performance Under CEO Takeshi Natsuno<\/b><\/p><p>\nSince Takeshi Natsuno was appointed Chief Executive Officer in June 2021, KADOKAWA has materially underperformed despite industry tailwinds from government policy support and growing global demand for Japanese content. The Company\u2019s results show that, between FY21\/3, the fiscal year before CEO Natsuno\u2019s appointment, and FY26\/3, his fifth fiscal year as CEO:<\/p><ul class=\"bwlistdisc\">\n<li>\nOperating profit declined from JPY 13.6 billion to JPY 8.1 billion;<\/li>\n<li>\nOperating margin compressed from 6.5% to 2.9%;<\/li>\n<li>\nBasic EPS fell from JPY 77.42 to JPY 8.71; and<\/li>\n<li>\nROE deteriorated from 8.2% to 0.5%.<\/li>\n<\/ul><p>\nIn November 2025, KADOKAWA cut FY26\/3 operating profit guidance by 38.3% and net income guidance by 57.0%. In May 2026, the Company then missed even the lowered operating profit forecast by 21.3%. Shortly before the June 2026 AGM, the Company withdrew its prior five-year mid-term management plan (\u201cMTP\u201d) and replaced it with a new plan that pushes financial targets out to FY32\/3. Even after this six-year extension, KADOKAWA does not expect to achieve the operating margin or ROE targets it previously presented to shareholders.<\/p><p>\nCEO Natsuno himself stated in a press conference in February 2023 that \u201cif the expansion of our business does not go well, then naturally my resignation would also come into view.\u201d By his own standard, and after five years of continued deterioration, the time for change has arrived.<\/p><p>\n<b>Six Reasons Shareholders Should Vote Against CEO Natsuno\u2019s Reappointment<\/b><\/p><p>\nOasis\u2019s \u201cA Better KADOKAWA\u201d campaign sets out six core reasons why CEO Natsuno is no longer the right leader for the Company:<\/p><ol class=\"bwlistdecimal\">\n<li>\n<b>Poor performance and deferred accountability<\/b>. EPS and ROE have fallen sharply under CEO Natsuno\u2019s five-year tenure, core segment profitability has deteriorated, and the Company has missed even lowered forecasts. Rather than holding management accountable for failing to deliver the prior MTP, KADOKAWA has replaced it with a six-year plan that delays any meaningful assessment until FY32\/3.<\/li>\n<li>\n<b>Continued value leakage from KADOKAWA\u2019s key gaming subsidiary, FromSoftware<\/b>. FromSoftware is KADOKAWA\u2019s crown-jewel asset and has produced global blockbuster titles such as ELDEN RING. Yet despite repeated shareholder calls to bring more publishing economics in-house, CEO Natsuno has recently backtracked on the Company\u2019s self-publishing commitments, allowing third-party publishers to continue capturing meaningful economics.<\/li>\n<li>\n<b>A misguided \u201cquantity over quality\u201d IP strategy has weakened the core IP engine<\/b>. The pursuit of more than 7,000 new IPs per year has diluted management attention, weakened per-title economics and undermined productivity. KADOKAWA\u2019s new MTP now implicitly validates Oasis\u2019s criticism by shifting toward volume control, but management has not provided credible metrics, definitions or accountability for restoring Publication \/ IP Creation profitability.<\/li>\n<li>\n<b>Poor execution across growth and turnaround areas<\/b>. Despite the scale of the mobile gaming market and KADOKAWA\u2019s deep IP library, the Company has repeatedly failed to monetize key IP in games. Niconico continues to lose competitiveness, and the Others segment continues to generate JPY 4-5 billion of annual losses with no credible turnaround plan.<\/li>\n<li>\n<b>Poor capital allocation and lack of cost discipline<\/b>. SG&amp;A and headquarters costs have expanded materially under CEO Natsuno, while KADOKAWA has built and continues to maintain a large net cash position without a clear capital allocation framework. External capital deployment has also shown poor discipline, as demonstrated by repeated impairments and the JPY 2.7 billion impairment related to the animation studio, Doga Kobo, only 12 months after its acquisition, equivalent to approximately 90% of the original acquisition price.<\/li>\n<li>\n<b>Inadequate governance and management accountability<\/b>. CEO Natsuno\u2019s numerous outside roles, frequent media appearances and prior public controversies raise serious concerns about his focus and judgment. These concerns are compounded by recent governance failures, including the 2024 cyberattack, which leaked 254,241 personal data records and caused significant financial harm, and the JFTC\u2019s corrective recommendation and warning regarding subcontracting violations.<\/li>\n<\/ol><p>\n<b>Comments from Seth Fischer, Founder and Chief Investment Officer of Oasis<\/b><\/p><p>\n<i>\u201cKADOKAWA owns truly world-class assets: FromSoftware, a vast and beloved library of original IP, and an enviable position at the center of Japan\u2019s globally ascendant content industry. Since the beginning of our engagement in 2020, Oasis has persistently encouraged the Company to maximize the value of the world-class IP that it owns. Yet under CEO Natsuno\u2019s leadership, shareholders have endured five years of underperformance, broken promises, and deferred accountability while the global market for Japanese content has continued to expand.<\/i><\/p><p>\n<i>Shareholders cannot afford to wait another six years for a turnaround under the same leadership team that delivered today\u2019s outcomes. CEO Natsuno himself acknowledged in 2023 that failure to deliver business growth should put his resignation into view. By his own standard, that moment has arrived.<\/i><\/p><p>\n<i>Oasis urges all fellow shareholders to vote FOR our proposal to dismiss CEO Natsuno as a director and AGAINST his reappointment at the June 2026 AGM. KADOKAWA - and the creators, employees, partners and shareholders who depend on it - deserve better.\u201d<\/i><\/p><p>\n<b>A Constructive Path Forward<\/b><\/p><p>\nOasis has been and remains a long-term shareholder of KADOKAWA and continues to support the Company\u2019s ambition to become a truly global IP-driven media company. Oasis stands ready to work constructively with the Board to identify and appoint world-class leadership capable of restoring operational discipline, capturing more value from FromSoftware and KADOKAWA\u2019s broader IP, strengthening governance, and delivering superior outcomes for all stakeholders, including shareholders, creators, employees and business partners.<\/p><p>\n<b>Vote AGAINST CEO Takeshi Natsuno at 2026 AGM<\/b><\/p><p>\nTo hold management accountable for the deteriorated performance over CEO Natsuno\u2019s tenure over the last five years, Oasis calls on other shareholders to vote AGAINST CEO Takeshi Natsuno\u2019s reappointment at the upcoming AGM on June 24, 2026. In addition, consistent with its large shareholding report disclosures, Oasis has submitted a formal shareholder proposal to the company for voting at the Company\u2019s AGM on June 24 to dismiss CEO Takeshi Natsuno as a director.<\/p><p>\nFor Oasis\u2019s full campaign presentation, \u201cA Better KADOKAWA\u201d, and additional information regarding the June 2026 AGM, please visit <a  href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.abetterkadokawa.com&amp;esheet=54539043&amp;newsitemid=20260520251734&amp;lan=en-US&amp;anchor=www.abetterkadokawa.com&amp;index=3&amp;md5=c623ca60890e1a00b3c96a157dc5967c\" rel=\"nofollow\" shape=\"rect\">www.abetterkadokawa.com<\/a>. Oasis welcomes input from all stakeholders at <a  href=\"mailto:info@abetterkadokawa.com\" rel=\"nofollow\" shape=\"rect\">info@abetterkadokawa.com<\/a>.<\/p><p class=\"bwalignc\">\n***<\/p><p>\nOasis is not in any way soliciting or requesting shareholders to jointly exercise their voting rights together with Oasis. Shareholders that have an agreement to jointly exercise their voting rights are regarded as \u201cJoint Holders\u201d under the Japanese large shareholding disclosure rules, and they must file a notification of their aggregate share ownership with the relevant Japanese authority for public disclosure. Oasis disclaims any intention to be treated as a Joint Holder and\/or a Specially Related Person with any other shareholder under the Japanese Financial Instruments and Exchange Act (\u201cFIEA\u201d) by virtue of the expression of views and opinions and\/or any engagement with shareholders and other third parties in or through this document, any public statements or any other information or materials created and\/or published by Oasis (whether written or oral, and regardless of medium). Oasis has no intention to receive any power to represent other shareholders in relation to the exercise of their voting rights. This document exclusively represents the opinions, interpretations, and estimates of Oasis. Oasis is expressing such opinions solely in its capacity as an investment advisor to the Oasis funds. Oasis and\/or the investment funds it advises hold, and may in the future hold, investments in the company referenced in this document. Accordingly, the views and opinions expressed in this document should not be regarded as impartial. Nothing in this document should be taken as any indication of Oasis\u2019s current or future trading, voting or other intentions which may change at any time. Nothing stated herein is intended to be or should be construed as a proposal for the purposes of paragraph 1 of Article 14-8-2 of the Order for Enforcement of the FIEA (Cabinet Order No 321 of 1965), as amended by Cabinet Order No 247 of 4 July 2025 or otherwise, unless otherwise expressly indicated. The Document exclusively represents the opinions, interpretations, and estimates of Oasis.<\/p><br\/> <b>Contacts<\/b> <br\/><p>\n<b>Media Contact<\/b><br\/>For all inquiries, please contact:\n<br\/>Taylor Hall\n<br\/><a  href=\"mailto:media@oasiscm.com\" rel=\"nofollow\" shape=\"rect\">media@oasiscm.com<\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>*KADOKAWA performance has deteriorated significantly under CEO Natsuno:<br \/>\nEPS is down 89% during his tenure, ROE is down from 8.2% to 0.5%<br \/>\n* KADOKAWA fails to capture FromSoftware\u2019s full value, ceding economics to external partners<br \/>\n*Management\u2019s \u201cquanti&#8230;<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-9299","post","type-post","status-publish","format-standard","hentry","category-infos-businesswire"],"_links":{"self":[{"href":"https:\/\/stocks-future.com\/index.php?rest_route=\/wp\/v2\/posts\/9299","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/stocks-future.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/stocks-future.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/stocks-future.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/stocks-future.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=9299"}],"version-history":[{"count":1,"href":"https:\/\/stocks-future.com\/index.php?rest_route=\/wp\/v2\/posts\/9299\/revisions"}],"predecessor-version":[{"id":9300,"href":"https:\/\/stocks-future.com\/index.php?rest_route=\/wp\/v2\/posts\/9299\/revisions\/9300"}],"wp:attachment":[{"href":"https:\/\/stocks-future.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9299"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/stocks-future.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9299"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/stocks-future.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9299"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}