Iger’s Revenge: Disney Fires Marvel Entertainment Chairman Perlmutter

The Walt Disney Company has ousted Marvel Entertainment chairman Isaac Perlmutter, citing cost-cutting measures amid layoffs affecting 7,000 employees.

Perlmutter, 80, had long feuded with Disney CEO Bob Iger, repeatedly backing activist investor Nelson Peltz’s failed bid to join the company’s board as part of a campaign to cost reduction.

Perlmutter was told in a phone call Wednesday that Marvel Entertainment, a small consumer products division run separately from the massive Marvel Studios, would be merged with other business units, sources told The New York Times.

Disney did not immediately respond to a request from DailyMail.com, and Perlmutter could not immediately be reached for comment.

Disney CEO Bob Iger (above) last month announced a sweeping restructuring and cost cuts after a row with major Disney shareholders Nelson Peltz and Isaac Perlmutter.

On Monday, Disney began cutting 7,000 jobs, or about 4% of its workforce, as Iger works to cut costs by about $5.5 billion and improve the company’s bottom line. .

The announcement follows a proxy war that has upended the iconic company, with major Disney shareholders Peltz and Perlmutter accusing Iger of steering the company into the ground by spending too much money.

Perlmutter, who had guided the Marvel franchise for more than a decade until it was forced to sit on the sidelines in 2015, has called for Peltz to be added to the board on half a dozen occasions. , according to a letter to Disney shareholders.

Perlmutter has been pressing the issue since July 2022, reaching out to former CEO Bob Chapek, director Safra Catz and other senior executives on Peltz’s behalf.

Peltz eventually pulled out of the proxy battle after Iger announced a sweeping restructuring last month aimed at cutting costs by billions, the CEO’s biggest move since returning to the helm and replacing Chapek l ‘last year.

Perlmutter has a long-standing reputation as a penny-pincher and has used his influence over the years to try to severely limit company spending.

He was the CEO of Marvel Entertainment before Disney acquired the franchise in 2009 and helped negotiate the buyout, in which he was reportedly paid $800 million in cash and a massive Disney stock grant.

Perlmutter oversaw the start of the Marvel Cinematic Universe until Iger sidelined him during a shakeup in 2015, which saw Marvel Studios head Kevin Feige begin reporting directly to the president of Walt Disney Studios.

Notoriously averse to the press, Perlmutter has never given a media interview throughout his long career and has only been photographed a handful of times.

Investor Nelson Peltz finally pulled out of the proxy battle after Iger announced a sweeping restructuring last month aimed at cutting costs by billions.

Nelson Peltz (left) with his daughter Nicola Peltz (right). Peltz ended its proxy bid against Disney after the company agreed to billions of dollars in cost-cutting measures

Iger’s decision to publicly oust Perlmutter from his role as Marvel Studios supervisor in 2015 led to a behind-the-scenes war between the billionaires, according to the Wall Street Journal.

Speaking last month about his decision to sideline Perlmutter, Iger told CNBC: “He wasn’t happy about it.” And I think that misfortune exists today.

Perlmutter had planned to help bring Peltz onto the Disney board, where he could use his role to then squeeze the company’s budget.

But the plot was called off after Iger announced he would step down within two years and downsize the company – joining a growing number of companies to cut thousands of jobs in recent months.

A person close to Perlmutter told the Wall Street Journal: “For him, overspending is like cancer. If not constantly supervised, it grows.

“In Ike’s mind, this whole fight wasn’t about changing the Disney board. It was mostly about changing their attitude,” he added.

This frugal attitude saw Perlmutter clash with Iger several times over Disney spending, including arguments over his 2008 film Iron Man, which launched the MCU.

The executive was reportedly so angered by the film’s bloated budget that he demanded that an action sequence featuring ten Humvees be shot with only three.

After Iger subsequently ousted Perlmutter as CEO of Marvel, the billionaire plotted with Peltz to reshuffle the board and remove Iger from power.

The proxy war saw the billionaire back a campaign to maneuver Peltz into a position of influence so he could bring about meaningful change.

In January, Peltz’s company, Trian Fund Management LP, said it owned about 9.4 million shares valued at about $900 million, which it had accrued several months prior.

Peltz previously took a critical stance against Disney’s $71 billion acquisition of Fox in 2019, as well as its failed succession planning that resulted in the firing of Bob Chapek and Iger’s second reign.

The grudge saw him team up with ousted chief Perlmutter to take control of the company’s board.

When the feud became public, Iger hit back, saying the investor – worth around $1.4 billion – “didn’t articulate a vision, or even ideas, that have any particular value. for us”.

Perlmutter was reportedly so angered by Iron Man’s bloated budget that he demanded that an action sequence featuring ten Humvees be shot with only three. Pictured: Robert Downey Jr in the 2008 film that launched the Marvel Cinematic Universe

Following the restructuring announcement, Trian praised Iger’s cost-cutting measures, with Peltz’s company saying the move was “a win for all shareholders” and that the decision “broadly aligns with our reflection”.

Peltz’s victory lap also saw him make an appearance on CNBC’s “Squawk on the Street” last week, where he said Disney “now plans to do whatever we want them to do.”

‘We wish Bob the best [Iger], this management team and the board of directors. We are going to watch. We will put down roots,” the 80-year-old said.

Now set to leave the post within two years, Iger said he plans to use his remaining time to return the company to profitability by 2024.

Story in development, more to follow.