But the chief executive has seen shareholder support drop by almost 30%

Image credit: FromSoftware

The CEO of FromSoftware parent company Kadokawa Corporation, Takeshi Natsuno, has retained his position after an activist investor group tried to oust him.

Reuters reports that the chief executive has retained his position at this year's AGM, though notes that shareholder support has dropped from 90% to just 59.68% over the last 12 months.

Hong Kong-based activist investor group Oasis Management had pushed to have Natsuno replaced, claiming that there had been a "material profit leakage" from Elden Ring. In short, this group of shareholders felt that Kadokawa should have done more to capitalise on the success of FromSoftware's smash hit action RPG.

"While it may take time to find a replacement for Natsuno, this is a challenge worth accepting," another activist group, Institutional Shareholder Services, wrote in a proxy report.

Kadokawa said after the AGM that it would be looking at its management structure, executive compensation and how well its medium-term business plan is progressing.

In March, Oasis Management overtook Sony as Kadokawa's biggest shareholder with 11.89% of stock, compared to the PlayStation firm's 10.04%.

FromSoftware was acquired by Kadokawa back in 2014, though no value was placed on the deal at the time.

The studio released Elden Ring in 2022, which caused Kadokawa's games business to see a 123% increase in revenue.

As of April 2025, Elden Ring has sold over 30 million copies, with the downloadable content Shadow of the Erdtree going on to shift more than 10 million units.

For Oasis Management's concerns about Kadokawa not pushing to capitalise more on Elden Ring's success, FromSoftware did release a multiplayer-focused spin-off title, Nightreign, in 2025. That title has shifted over five million units to date and was a somewhat unusual title as it is the first time that FromSoftware has done a spin-off from one of its Soulslike games.

There's also the Elden Ring film adaptation, written and directed by Alex Garland of 28 Days Later, Ex Machina and Civil War fame, that is set to launch on March 3, 2028.

Chinese giant Tencent also owns 7.97% of the FromSoftware parent.

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