Disney Lays Off Ike Perlmutter, Chairman of Marvel Entertainment

Isaac Perlmutter, the famously frugal Marvel Entertainment chairman who unsuccessfully worked to shake up the Walt Disney Company’s board in the past year, has been laid off as part of a cost-cutting campaign.

Disney confirmed the move. Mr. Perlmutter, 80, was told by phone on Wednesday that Marvel Entertainment, a small division centered on consumer products and run separately from Marvel Studios, was redundant and would be folded into larger Disney business units, according to two Disney executives briefed on the matter, who spoke on the condition of anonymity to discuss a sensitive personnel matter.

On Monday, Disney started to eliminate 7,000 jobs, about 4 percent of its global total, as part of $5.5 billion in cuts intended to improve Disney’s financial results and position the company for streaming-fueled growth.

Mr. Perlmutter, known as Ike, could not immediately be reached for comment.

An irascible and unrelenting executive, Mr. Perlmutter has been seen as a distraction inside Disney for more than a decade — most recently when he pushed for a friend, the activist investor Nelson Peltz to join the Disney board. Mr. Perlmutter contacted Disney board members and senior Disney executives six times from last August to November to push for Mr. Peltz to join the board, according to a securities filing. When he was rebuffed, Mr. Peltz started a proxy battle to put himself on the board, saying he would cut costs, revamp Disney’s streaming business and clean up the company’s messy succession planning.

Article source: https://www.nytimes.com/2023/03/29/business/media/disney-marvel-ike-perlmutter.html