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Walt Disney Co. has terminated the chairman of Marvel Entertainment, and the company said this move is part of its campaign to reduce costs. Isaac “Ike” Perlmutter has been dismissed, and it happened after his failed effort to shake up the company’s board.
A source who is familiar with the situation reportedly confirmed on Wednesday, March 29, that Marvel Entertainment’s chairman had been laid off. Perlmutter is already 80 years old and has been actively supporting Nelson Peltz, who is an activist shareholder who failed to earn a seat on Disney’s corporate board this year.
According to Reuters, the senior executive was notified about his work termination by phone on Wednesday. The Marvel Entertainment unit that he has been leading is a small division at Disney that is mainly responsible for some consumer products and comic book publishing.
The company is planning to merge Marvel Entertainment into larger business units within the company after Perlmutter leaves. But while the 80-year-old chairman was dismissed, the unit’s president, Dan Buckley, will be retained, and he will now directly report to Marvel Studios’ president, Kevin Feige.
The firm’s chief executive officer, Bob Iger, announced that the company is starting the first round of the planned job cuts, and on Monday this week, it has already let go of 7,000 employees. Apparently, Perlmutter is one of those affected by the layoffs.
Walt Disney Company is undergoing a restructuring after Bob Iger took over the CEO role, succeeding Bob Chapek. Under his leadership, he has been making moves that include job cuts in an effort to save about $5.5 billion in costs. The aim of the decision is also to make its streaming business more profitable.
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