This week, Disney mentioned that it would be reducing its staff by 7,000, and it appears the decision goes all the way to the highest level. As the New York Times outlined, Isaac “Ike” Perlmutter, the 80-year-old chairman of Marvel Entertainment, has been released from his post.
Along with Perlmutter, Rob Steffens and John Turitzin, who are co-president and chief counsel respectively of Marvel Entertainment, have been fired. However, Dan Buckley, the division’s president, will remain in his position and will report to Kevin Feige, the chief of Marvel Studios.
Ike Perlmutter was “famously frugal” and an “irascible and unrelenting” leader, according to the NYT. Consequently, it was determined that Marvel Entertainment – a division devoted to consumer products and functioning independently from Marvel Studios – was superfluous and would be integrated into other Disney divisions.
Recently, his leaving the company came after an attempted and failed shake-up of the Disney board. Perlmutter, who still owns significant shares in Disney, played a crucial role in the efforts of activist investor Nelson Peltz to secure a seat on the Disney board that lasted for several months.
His involvement in Marvel is worth mentioning, as he was in charge when the company was sold to Disney in 2009 for $4 billion. Since then, Marvel Studios has become a dominant force in the film industry, making Disney several times over the initial investment. Perlmutter gained control of Marvel in the 1990s while it was going bankrupt and merged it with Toy Biz, a toy company he co-ran with Avi Arad.
Since 2015, he was not involved in Marvel movies due to a dispute with Kevin Feige about Doctor Strange. Furthermore, his authority had not included Marvel TV shows since 2019, only comics, game licensing, certain consumer products, and superhero arena shows.