Oasis Launches Campaign to Oust KADOKAWA CEO Natsuno Over Five Years of Underperformance
Event summary
- Oasis Management, owning 13.76% of KADOKAWA, urges shareholders to vote against CEO Takeshi Natsuno's reappointment at the June 24, 2026 AGM.
- Under Natsuno's leadership since 2021, KADOKAWA's operating profit fell from JPY 13.6B to JPY 8.1B, with ROE dropping from 8.2% to 0.5%.
- Oasis cites governance failures, including a 2024 cyberattack and JFTC warnings, as reasons for leadership change.
- KADOKAWA withdrew its five-year mid-term management plan, pushing targets to FY32/3 without credible metrics.
- Oasis launched a campaign website, www.abetterkadokawa.com, detailing its case for leadership change.
The big picture
Oasis's campaign highlights a growing rift between activist investors and management in Japan's media sector, where underperformance and governance issues are increasingly scrutinized. The push to oust Natsuno reflects broader industry trends of demanding accountability for leadership teams failing to capitalize on the global demand for Japanese content. With Oasis holding a significant stake, the outcome of the AGM vote could set a precedent for shareholder activism in the region.
What we're watching
- Governance Dynamics
- Whether KADOKAWA's board will resist Oasis's demands or engage in constructive dialogue to address governance concerns.
- Execution Risk
- The pace at which KADOKAWA can implement a credible turnaround plan under new leadership, given its history of missed targets.
- Strategic Realignment
- How a potential leadership change will impact KADOKAWA's strategy for monetizing its IP portfolio and subsidiaries like FromSoftware.
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