FromSoftware parent CEO keeps position following activist investors’ disappointment in firm’s handling of Elden Ring
Takeshi Natsuno, CEO of Kadokawa Corporation (parent company of FromSoftware), has retained his position at the company’s annual shareholder meeting despite efforts by activist investors to remove him. Hong Kong-based Oasis Management led the campaign to oust Natsuno, arguing that the company had failed to adequately capitalize on the massive success of Elden Ring, resulting in what they characterized as “material profit leakage.”
While Natsuno successfully defended his position, the vote demonstrates significant shareholder discontent. Support for the CEO declined substantially over the past year, dropping from approximately 90% to 59.68%—a decline of nearly 30 percentage points. This sharp decline reflects investor concerns about Kadokawa’s financial management and strategic decisions regarding one of gaming’s most successful franchises.
Elden Ring has been one of the most commercially successful games in recent years, and Oasis Management’s criticism suggests shareholders believed the company missed opportunities to maximize revenue from the title through pricing strategy, merchandise, licensing, or other monetization approaches.
The outcome represents a pyrrhic victory for Natsuno: while he retained his position, the dramatic loss of shareholder confidence signals mounting pressure on leadership to address investor concerns about corporate strategy and financial performance. The incident highlights ongoing tensions between company management and shareholders regarding how major gaming successes should be leveraged for maximum shareholder returns.