Shareholders of Kadokawa Corporation, the parent company of Elden Ring developer FromSoftware, attempted to oust CEO Takeshi Natsuno, accusing him of failing to capitalize on the success of the 2022 RPG. However, following a confrontation at the company’s recent annual general meeting, Natsuno has retained his position.
According to a Reuters report, Natsuno faced opposition from several parties at the annual general meeting. Oasis Management, a Hong Kong-based firm, spearheaded the efforts to remove him. With a 13.76% stake in the company, they have significant interests and pointed out that under Natsuno’s leadership, Kadokawa’s return on equity had dropped from 9.4% in 2022 to 0.5% in 2025. Furthermore, he is criticized for missed profit opportunities, as Kadokawa outsources the international publishing of FromSoftware’s games to Bandai Namco.
Oasis is not alone in its criticism of Natsuno. Institutional Shareholder Services also stated in a report that “while it may take time to find a successor for Natsuno, it is a challenge worth pursuing.”
FromSoftware has historically been given considerable autonomy to manage its own projects and teams, contributing to the company’s consistent success. Following Elden Ring, they have released the expansion Shadow of the Erdtree, as well as the multiplayer spin-off Elden Ring: Nightreign. A film produced by A24 is also slated for 2028. It is unclear how else Kadokawa could have leveraged Elden Ring’s success without forcing FromSoftware to simply churn out sequels from 2022 onwards. It appears that Kadokawa, at least for now, shares this perspective, as a new announcement confirms Natsuno remains in his post.