Marvel Entertainment chairman Perlmutter exits Disney as lay-offs begin

Marvel Entertainment has been absorbed into Disney amid company-wide lay-offs that kicked off this week, with chairman Isaac ‘Ike’ Perlmutter leaving the company.

Isaac ‘Ike’ Perlmutter

The entity, which is separate from the Kevin Feige-led Marvel Studios, is being absorbed into other parts of Disney, the company confirmed on Wednesday. Co-president Rob Steffens and chief counsel John Turitzin have also exited.

Israeli-American billionaire Perlmutter, 80, has been an influential and controversial figure within the Mouse House since he led the sale of comic publisher Marvel to Disney for US$4bn in 2009. At the time of the transaction, Perlmutter became one of the largest shareholders in Disney.

He initially played a significant role in shaping Marvel’s projects and overall direction as Disney developed movie titles based on Marvel characters.

However, in recent years his role has shrunk, particularly after a 2015 restructure that saw Marvel’s film division moved out from under his oversight and into Disney’s wider film business. In the following years, Marvel Entertainment has been more focused on consumer products.

Perlmutter’s exit comes two months after he was involved in activist investor Nelson Peltz’s attempt initiate a proxy contest and win a seat on Disney’s board of directors.

Peltz ultimately dropped his proxy battle with Disney in February after CEO Bob Iger announced that the company would make 7,000 job cuts and look to find US$5.5bn in savings, including US$3bn in non-sports-related content savings, across the entire enterprise.

Earlier this week, Iger announced the planned elimination of 7,000 jobs would begin this week and take place in three phases.

In a memo sent to employees on Monday, Iger said employees affected by the first round of lay-offs would be notified by senior leaders this week. A second round involving “several thousand” employees will happen in April, before a third round in early summer.