Isaac Perlmutter. AP.
Disney ousted Isaac Perlmutter from his position as chair of Marvel Entertainment.
Perlmutter clashed with Disney CEO Bob Iger amid efforts by the media conglomerate to cut thousands of jobs to save costs.
- Perlmutter
was told on Wednesday that Disney plans to fold Marvel Entertainment
into other business units, making his position redundant.
- He was put in charge of Marvel Entertainment, a small consumer product-focused division, after Disney CEO Bob Iger reorganized the company's Marvel properties in 2015.
- The reorganization displaced Perlmutter as head of the much larger Marvel Studios division.
- Last month, Disney announced plans to restructure its divisions and lay off 7,000 employees in a bid to save $5.5B in costs.
- Perlmutter joined Disney after selling Marvel Entertainment to the company for $4B in 2009.
- Over the last year, Perlmutter used his large shareholding in Disney to support the efforts of activist investor Nelson Peltz to join Disney's board.
- Perlmutter's support for Peltz likely strained his relationship with Iger, which was already damaged by the reorganization of Marvel in 2015.
