Walt Disney Co. has booted Isaac “Ike” Perlmutter, the Marvel Entertainment chairman who has long been a prickly presence within the entertainment company. The decision comes amid a broad cost-cutting move that began earlier this week.
Disney came out swinging against Peltz, who is waging a proxy fight to join the company’s board. Disney said Peltz’s presentation to the company was short and lacked strategies and ideas.
Perlmutter played a supporting role in Disney’s recent corporate drama when he lobbied Disney leadership to support the campaign of billionaire activist investor Nelson Peltz, who was agitating to join the Disney board of directors. Peltz’s efforts began last year before Chief Executive Bob Iger returned to the company. At the time, Bob Chapek was still in charge, and Perlmutter called the embattled CEO along Disney Chief Financial Officer Christine McCarthy and board member Safra Catz to advocate for Peltz’s inclusion on the board. After Iger returned in November, he made clear that Peltz was not welcome on the board.
Instead, Iger focused on a corporate restructuring and cost-cutting program to find $5.5 billion in savings. The plan includes the elimination of about 7,000 jobs, or about 4% of Disney’s global workforce, which began this week. The cost-cutting, which ultimately cost Perlmutter his job, won the endorsement of Peltz, who disbanded his proxy campaign.
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