Shareholder support for CEO of anime and gaming giant Kadokawa tumbles to 59.68%

TOKYO, June 25 : The CEO of Japanese anime and gaming giant Kadokawa suffered a sharp drop in shareholder support at the annual general meeting following a high-profile activist campaign to unseat him. While Takeshi Natsuno retained his board seat on Wednesday, shareholders voted only 59.68 per cent in favour of his re-election, compared with 90 per cent last year, the company said on Thursday. Activists are increasingly seeking to unseat senior executives in Japan as they bet shareholders will vote to express their frustrations with corporate underperformance. Hong Kong-based Oasis Management has been pushing for Natsuno to be replaced, citing falling profitability during his tenure, with proxy advisers also recommending shareholders oppose his re-election. Kadokawa said following the meeting it would examine the company's management structure, executive compensation and progress of its medium-term business plan. The board said earlier this month the company should retain Natsuno given the lack of a specified successor or alternative management plan. Earlier on Thursday the chairman of electronics manufacturer Kyocera was re-elected following a separate campaign by Oasis calling for his removal.