Disney dismisses Marvel Entertainment Chairman Isaac Perlmutter

According to news in the morning of March 30, Beijing time, a Disney spokesman reportedly confirmed that Isaac Perlmutter, chairman of Marvel Entertainment Co., Ltd. had also been fired when Marvel Entertainment Co., Ltd. was incorporated into other business units.

Marvel Entertainment and Marvel Studios are two separate departments. Marvel Studios focuses on popular superhero movies, which is headed by Kevin Feige, president of the department. Marvel Entertainment is in charge of the comic book company's publishing business and other consumer products.

Disney had previously announced that it would cut 7000 jobs in the coming months in an effort to cut costs by $5.5 billion.

Isaac Perlmutter's relationship with Disney has been controversial since Disney bought Marvel for $4 billion. Recently, he actively pushed activist investor Nelson Peltz to join Disney's board, which triggered a proxy battle. Nelson Peltz believes Disney needs to cut costs and strengthen succession planning. Nelson Peltz abandoned the effort after Disney CEO Bob Iger announced new cost-cutting measures and said he might return dividends to shareholders.

In addition to Perlmutter, Disney also laid off Rob Steffens, co-president of Marvel Entertainment, and John Turitzin, general counsel of the division. Now Dan Buckley, president of Marvel Entertainment, will report to Kevin Feige.