Kadokawa Board Blocks Move to Oust CEO Takeshi Natsuno After Governance Clash

You’re watching a real boardroom boss fight. On May 14, Kadokawa said its directors will oppose a proposal to remove Takeshi Natsuno as President and CEO. The push came from Kadokawa’s largest shareholder as of March 30, 2026: Oasis Japan Strategic Fund, backed by Oasis Management (based in Hong Kong).

And yeah, this isn’t quiet. It’s loud. It’s tense. And if you care about manga, anime, or games, it can hit your favorites where it hurts: budgets, schedules, and what gets greenlit.

What the shareholder is angry about

Oasis basically told Kadokawa: “Your house is messy.” They argued there are serious internal governance issues. In simple terms: they don’t like how the company is being run.

Here’s what they highlighted:

• “Quantity over quality” in IP creation. They claim Kadokawa is pushing too much stuff instead of focusing on strong hits.

• Global potential not fully used, even though Kadokawa owns FromSoftware (yes, the Elden Ring studio).

• Earnings per share dropping sharply during Natsuno’s time.

• Risk flags at Doga Kobo, the anime studio Kadokawa acquired in July 2024, including concerns about goodwill impairment.

• The 2024 cyberattack, which the fund says led to losses and fallout.

Put it together and the message is simple: they want Natsuno out, because they think the strategy and control aren’t delivering.

Kadokawa’s response: “Nope, that’s not our reality”

Kadokawa’s board didn’t sugarcoat it. They said a lot of the criticism doesn’t match the actual situation—and some points are flat-out false. They called out the “quantity over quality” line in particular.

They also said removing Natsuno would be inappropriate if your goal is medium-to-long-term corporate value. Cold wording, hot message.

Kadokawa pointed to Natsuno’s appointment in 2021 and said revenue has been gradually increasing since then, while the company built a stronger base across publishing, games, and anime.

They described the work like this: building a system to create IPs more stably, expanding the animation production setup, and growing overseas bases. If you’re a chero who likes seeing Japanese IP travel worldwide, that’s the whole game plan.

But they also admitted something important: operating profit targets haven’t been met in areas like anime and publishing. Reasons they cited were very “real life”:

• Higher production costs

• Not enough big hits

• Tough market conditions

Same day, they announced a new mid-term management plan and said they plan a major restructuring while doubling down on Natsuno’s strategy: “Global Media Mix with Technology.” The board called his leadership indispensable.

Why this matters to you (yes, you)

This isn’t just suits arguing. When leadership is under attack, you can see ripple effects: what gets funded, what gets delayed, and how aggressively the company pushes overseas.

And let’s be real: when a shareholder with a big slice of the pie makes noise, everybody hears it. In a related update, an overseas activist investor had reached a 13.76% stake. That’s not “small talk” territory. That’s “we’re in the room now” territory.

Also, Kadokawa’s mix is huge: manga and novels, anime pipelines, and game powerhouses. If they underuse global publishing or game momentum, you feel it as fewer strong launches. If they overproduce, you feel it as uneven quality. It’s a tightrope, cipote.

Think of it like this: you want the next Ghostpia Season Two-type moment to land clean. That needs planning, money, and teams that aren’t distracted by internal fire drills. Kadokawa is saying: “We’re restructuring, we’re sticking to the plan, and Natsuno stays.” Oasis is saying: “Not good enough.”

Now you wait for the next move. And you keep an eye on what gets announced, what gets cut, and what suddenly gets pushed worldwide.