Walt Disney Co. has sacked Marvel Entertainment president Isaac “Ike” Perlmutter.
The 80-year-old cartoon titan, who has long appeared at entertainment company Burbank, has been swept up in a sweeping cut that began earlier this week. Disney has confirmed Perlmutter has received his pink slip.
When Disney bought comic book publisher Marvel in 2009, Perlmutter immediately became one of the entertainment industry’s largest individual shareholders. gave him a rare power Disney gave the Israeli-American billionaire a large area to help shape Marvel’s projects, including “Iron Man” and “The Avengers,” two of Disney’s top box office hits. billions of dollars
Over the past few years, Perlmutter’s perspective has become noticeably smaller and separate from the powerful Marvel movie studio led by Kevin Feige.
Although previously Marvel’s chief executive, Perlmutter saw his role reduced in a management reshuffle in 2015. Disney had Feige, the architect of Marvel’s lucrative movie strategy, report to Disney studio boss Alan Horn instead of Perlmutter.
Pearlmutter plays a supporting role in Disney’s latest corporate drama. When he persuaded Disney executives to support the campaign of billionaire activist investor Nelson Platz. who is stirring up to join the Disney Board of Directors.
Peltz’s efforts began last year before CEO Bob Iger returned to the company. At the time, Bob Chapek was still in charge, and Perlmutter called the warring CEO along with division chief executive Christine McCarthy. Disney finance and board member Safra Catz to back Peltz’s inclusion on the board after Iger returned in November. He then made it clear that Peltz was not welcome on board.
Iger Focuses on Reorganization and Cost-Cost Programs to Save $5.5 Billion The plan includes the elimination of about 7,000 jobs, or about 4 percent of Disney’s global workforce. which started this week
The cost cuts that ultimately caused Perlmutter to lose his job. It was supported by Peltz, who canceled his varsity campaign.
The New York Times first reported that Perlmutter had been laid off.
Perlmutter, according to Disney, said having Peltz would “help Mr. Chapek deal with the latest obstacle he faced. strengthening his position as CEO and seizing the right to nominate potential shareholders as directors.”
According to Disney documents, Perlmutter said, “Without Mr. Peltz, former executives, including Mr. Iger, would return to Disney.”
“This guy’s entire life has been devoted to success,” former Marvel exec Scott M. Sassa told The Times in 2012. Perlmutter has shown himself particularly adept at turning around troubled companies. Said Sassa
“He’s not Mr. Charming. But when you get to know him He’s a guy I really like,” Sassa says. “He’s very smart, incredibly honest with people. and have high principles.”