Kadokawa CEO Faces Dropping Shareholder Support Due to Activist Pressure
KADOKAWA 執行長面對激進投資者壓力，股東支持率下降
Introduction
Takeshi Natsuno has kept his position as CEO of Kadokawa, although shareholder approval dropped significantly during the company's annual general meeting.
儘管在公司的年度股東大會上支持率大幅下降，但夏野剛（Takeshi Natsuno）仍保住了 KADOKAWA 執行長一職。
Main Body
The re-election of Takeshi Natsuno saw a clear decline in support, with approval falling from 90 percent last year to 59.68 percent. This drop was caused by a campaign led by Oasis Management, a Hong Kong-based firm, which argued that Natsuno should be removed because profits decreased under his leadership. This situation reflects a wider trend in Japanese business, where activist investors use shareholder unhappiness over poor performance to change company leadership. For example, similar attempts happened at Kyocera and Cawachi, while a previous campaign by Oasis successfully removed the CEO of Taiyo Holdings.
夏野剛的連任支持率明顯下降，從去年的 90% 下降至 59.68%。這次下降是由一家總部位於香港的公司 Oasis Management 發起的行動所導致，該公司主張由於在夏野剛的領導下利潤下降，應將其撤換。這種情況反映了日本商界的一個更廣泛趨勢，即激進投資者利用股東對業績不滿的情緒來改變公司領導層。例如，Kyocera 和 Cawachi 都發生過類似嘗試，而 Oasis 此前的一場行動成功撤換了 Taiyo Holdings 的執行長。
The company board emphasized that Natsuno remained in his role because there was no suitable successor or alternative plan, which they asserted would cause too much instability. However, Kadokawa admitted that it needs to review its structure, including executive pay and its medium-term business goals. The company faces several operational challenges, such as relying too heavily on the 'isekai' publishing genre and facing higher production costs for anime. Furthermore, financial data shows a sharp decline; the return on equity (ROE) fell from 9.4 percent in March 2022 to just 0.5 percent last year, which is far below the company's 12 percent target.
公司董事會強調，由於沒有合適的接班人或替代方案，他們認為這將導致過大的不穩定，因此夏野剛將繼續留任。然而，KADOKAWA 承認需要檢視其結構，包括高階主管薪酬及其中期業務目標。公司面臨多項營運挑戰，例如過度依賴「異世界」出版類別，以及面臨更高的動畫製作成本。此外，財務數據顯示大幅下降；股本回報率（ROE）從 2022 年 3 月的 9.4% 下降至去年的 0.5%，遠低於公司 12% 的目標。
Conclusion
Although Natsuno stays in his position, Kadokawa has promised to evaluate its management and strategy to address the concerns of its shareholders.
雖然夏野剛仍留在原職，但 KADOKAWA 已承諾評估其管理與策略，以回應股東的關注。
Vocabulary Learning
🚀 The 'B2 Jump': Moving from Simple Facts to Complex Reasons
At the A2 level, you describe what happened. At the B2 level, you explain why it happened and how things are connected.
Look at this phrase from the text:
"...which argued that Natsuno should be removed because profits decreased under his leadership."
The Linguistic Secret: The Power of 'Which' (Relative Clauses)
Instead of writing two short, choppy sentences (A2 style), B2 speakers use 'which' to glue a description to a noun.
- A2 Style: Oasis Management is a firm. They argued that Natsuno should be removed.
- B2 Style: Oasis Management is a firm, which argued that Natsuno should be removed.
Why this matters for your fluency: Using which allows you to add a 'reason' or 'extra detail' without stopping your flow. It makes you sound professional and academic.
🛠️ Vocabulary Expansion: From 'Bad' to 'B2 Precision'
Stop using general words like 'bad' or 'down'. The article uses specific verbs to show a trend. Replace your A2 words with these 'Power Verbs':
| A2 Word (Simple) | B2 Word (Precise) | Context from Article |
|---|---|---|
| Go down | Decline / Fall | "...a sharp decline; the ROE fell..." |
| Say | Assert / Emphasize | "...which they asserted would cause instability." |
| Fix | Address | "...to address the concerns of its shareholders." |
Coach's Tip: In a B2 exam, if you say "The price went down," you get a basic score. If you say "The price declined significantly," you are demonstrating B2 mastery.