Disney has confirmed that Marvel Entertainment Chairman Issac “Ike” Perlmutter is out following massive layoffs by the House of Mouse as part of its cost-cutting efforts.
Marvel Entertainment is a subsidiary of the Disney Company.
Perlmutter was let go along with Marvel Entertainment’s co-president Rob Steffens and chief counsel John Turitzin, Variety reported.
The ex-chairman worked over the last few months to try and shake things up in the Walt Disney Company’s board by backing and lobbying for the addition of activist investor Nelson Peltz, the outlet noted.
The months-long battle ended in February with Peltz withdrawing after Chief Executive Officer Bob Iger had announced plans to restructure things, cut costs, and the return of the dividend payment for shareholders by the end of 2023, The New York Times noted.
Isaac “Ike” Perlmutter, chairman of Marvel Entertainment, has been laid off, as his division — which is separate from Marvel Studios — is absorbed into other units of Disney. https://t.co/cPOOYDnL2P
— Variety (@Variety) March 29, 2023
Perlmutter’s division, which centered on consumer products, comic book publishing, as well as game licensing and arena shows, will now be folded into larger Disney business units, according to two Disney executives briefed on the matter who spoke on the condition of anonymity, the New York Times reported.
The move comes after Disney announced Monday that 7,000 jobs were being eliminated to cut $5.5 billion.
Perlumetter had been with the company for more than a decade after selling Marvel to Disney in 2009 for $4 billion, Deadline magazine noted.
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The former chairman first took over at Marvel Entertainment in the 1990s when the comic book publisher was in the throes of bankruptcy and was folded into Toy Biz, Variety noted. The toy company was run by Perlmutter and Avi Arad.
On Wednesday, fired Marvel Studio executive Victoria Alonso said, via her attorney, that her firing was about more than just a breach of contract.
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Related: Fired Marvel Exec Slams Disney, Said She ‘Refused To Do Something She Believed Was Reprehensible’