Disney fires Marvel Entertainment’s chairman Isaac Ike Perlmutter amid lay-offs and cost-cutting measures

The Walt Disney Company has been taking cost-cutting measures, and now it has laid off Isaac Ike Perlmutter, chairman of Marvel Entertainment, in one of its attempts. Marvel Entertainment’s co-president Rob Steffens and chief counsel John Turitzin have also been dismissed along with him. President of Marvel Entertainment, Dan Buckley, is going to remain in the corporation and will report to president of Marvel Studios, Kevin Feige. This development has been confirmed by a Disney spokesperson to Variety. Marvel Entertainment, a subsidiary of Disney, deals with comic book publishing and some consumer products. It is now going to be merged into larger Disney business units, as mentioned in a report by The Indian Express. Perlmutter had been supporting the investor Nelson Peltz’s fight to join the Disney board and lobbying for him over the last few months. Peltz ended his months-long battle in February after Bob Iger, Chief Executive Officer (CEO) of Disney, announced plans to cut cost by $5.5 billion. The plans to reduce costs included cutting workforce by 7,000 employees and reducing expected return of the dividend payment for shareholders by this year’s end. Reportedly, Perlmutter still has a considerable share of Disney stock. The former chairman had sold Marvel for $4 billion to Disney in 2009. He took control over Marvel Entertainment for the first time in the 1990s when the comic book publisher was going through bankruptcy and was folded into Toy Biz. Iger had restructured Marvel in 2015, and placed Marvel Studios under Walt Disney Studios. Iger described this decision in his autobiography “The Ride of a Lifetime”. He said that he found an increasing tension between the New York-based Marvel team and the film group in Hollywood, so he had to intervene. As per media reports, this decision angered Perlmutter, who had retained the title of chairman of Marvel Entertainment but had no knowledge regarding film studio’s budgets or creative process. Perlmutter was reportedly not happy with the financial performance of Disney under its former chief executive, Bob Chapek. Perlmutter contacted board members of Disney and senior Disney executives six times from August to November to advocate for Peltz to join the board, according to a securities filing. Read all the  Latest News ,  Trending News ,  Cricket News ,  Bollywood News ,  India News  and  Entertainment News  here. Follow us on  Facebook,  Twitter and Instagram.