The bloodbath at the Walt Disney Company continues.
It has just been reported that Isaac Perlmutter, the Chairman of Marvel Entertainment, has been laid off by Walt Disney’s Company. This news is shocking considering what an important person Ike Perlmutter was to Disney not long ago. Back in 2009, Isaac sold Marvel to the Walt Disney Company for $4 billion. Now, just fourteen years later, he has been laid off by the company as part of their bloodbath of job terminations.
Isaac Perlmutter Terminated by Bob Iger
When Bob Iger said a bloodbath was coming, he was not messing around. Issac Perlmutter is an internal part of the Walt Disney Companies’ recent history. Mr. Perlmutter was the Marvel Entertainment chairman. His role with Marvel Entertainment was managing a small division centered around consumer products. The division was run separately from Marvel Studios, which is why the Walt Disney Company decided to eliminate it.
It has been confirmed by Disney that they informed Mr. Perlmutter of their decision this morning, on March 29. The chairman, who is 80, has not given a comment as of now.
While this termination is shocking to some, many have seen this coming for some time. Isaac Perlmutter, or “Ike” as he is commonly referred to, has been a “distraction inside Disney for more than a decade.” He made waves last year when he attempted to shake up Disney’s board, which was a move that did not blow over well for the chairman. Ike was vouching for his friend, investor Nelson Peltz, to secure a position on the board. He pushed for the move six times last year until he was shut down.
Ike Perlmutter was once a crucial Team Member at the Walt Disney Company, but over the years his status has continued to shrink. He is also known for once asking Bob Iger to fire Kevin Feige. He is not the only Marvel employee who got the ax today; Rob Steffens, co-president of Marvel Entertainment, and John Turitzin, chief counsel for the division, also were terminated.
All of these layoffs are part of CEO Bob Iger’s plan to save $5.5 billion in cuts. As announced in Mr. Iger’s quarterly earning call earlier this year, 7,000 employees will be fired during this period. Many of those terminations will happen this week as the first wave continues.