Iger's revenge: Disney fires Marvel Entertainment chairman Perlmutter trends now Iger’s revenge: Disney fires Marvel Entertainment chairman after he backed activist investor Nelson Peltz's failed bid for seat on the board - as company slashes 7,000 jobs By Keith Griffith For Dailymail.com Published: 17:29 BST, 29 March 2023 | Updated: 17:38 BST, 29 March 2023 Viewcomments The Walt Disney Company has ousted Marvel Entertainment chairman Isaac Perlmutter, citing cost-cutting moves as part of layoffs affecting 7,000 employees. Perlmutter, 80, had long feuded with Disney CEO Bob Iger, repeatedly backing activist investor Neson Peltz's failed bid to join the company's board as part of a campaign to slash costs. Perlmutter was informed in a Wednesday phone call that Marvel Entertainment, a small division centered on consumer products and run separately from mammoth Marvel Studios, would be folded into other business units, sources told the New York Times. Disney did not immediately respond to an inquiry from DailyMail.com and Perlmutter could not be immediately reached for comment. The Walt Disney Company has ousted Marvel Entertainment chairman Isaac Perlmutter (above in 2017), citing cost-cutting moves On Monday, Disney began cutting 7,000 jobs, about 4 percent of its workforce, as Iger works to cut about $5.5 billion in costs and boost the company's financial results. The announcement followed a proxy-war that upended the iconic company, with key Disney shareholders Peltz and Perlmutter accusing Iger of running the company into the ground by spending too much money. Perlmutter, who had guided the Marvel franchise for over a decade until he was forced to the sidelines in 2015, asked that Peltz be added to the board on a half-dozen occasions, according a Disney shareholder letter. Perlmutter has been pressing the issue since July 2022, contacting former CEO Bob Chapek, director Safra Catz and other senior executives on behalf of Peltz. Peltz ultimately withdrew from the proxy battle after Iger last month announced a vast restructuring designed to cut billions in costs, the CEO's biggest move since returning to the helm and replacing Chapek last year. Perlmutter has a longtime reputation as a penny-pincher, and had used his influence over the years to try and sharply limit company spending. Developing story, more to follow. Share or comment on this article: All rights reserved for this news site (dailymail) and under his responsibility