TOKYO - Kadokawa CEO Takeshi Natsuno survived a shareholder revolt at Wednesday’s annual general meeting, but his re-election vote plunged to 59.68% from 90% a year earlier, the company said Thursday.
Hong Kong-based activist investor Oasis Management had pushed for his removal, citing declining profitability. Kadokawa’s return on equity fell to just 0.5% last year from 9.4% in fiscal 2022. The company is targeting ROE of at least 12%.
Kadokawa said after the meeting it would review management structure, executive pay, and its medium-term plan. The board had warned that removing Natsuno would create uncertainty without a clear successor.
Oasis also sought the ouster of Kyocera’s chairman, who was re-elected on Thursday in a separate vote. Analyst Travis Lundy said Kadokawa’s experience should spur other Japanese firms to drive up their stock prices as a defense against activists.