Disney has been in the news lately, and not for reasons that make them happy. The company is facing challenges on multiple fronts, from the COVID-19 pandemic to shifts in consumer behavior. Recently, Disney announced that it would be implementing a strategic realignment that would lead to the loss of 7,000 jobs. Unfortunately, one of those job losses will be felt by Isaac ‘Ike’ Perlmutter, the former Chairman of Marvel Entertainment and billionaire who sold the company to Disney in 2009.
The Reason Behind Perlmutter’s Departure
Perlmutter oversaw the consumer products division of Marvel, but wasn’t part of Kevin Feige-led Marvel Studios. Earlier this week, Perlmutter was informed that Marvel Entertainment was “redundant” and would be “folded into larger Disney business units”. This decision is part of Disney’s broader goal to streamline its operations and find ways to cut costs in response to pandemic-related economic challenges.
The Conflict Between Perlmutter and Iger
However, some sources suggest that things may not have been quite so amicable between Perlmutter and Bob Iger, CEO of Disney. Perlmutter allegedly had a long-standing feud with Iger and had been in conflict with Kevin Feige. Though he remained CEO of Marvel after the acquisition, his reluctance to greenlight female-led or POC-led films put him in conflict with Feige, who successfully moved Marvel Studios out from under Perlmutter’s purview in 2015.
Changes in Leadership at Marvel Entertainment
Other executives also lost their positions at Marvel Entertainment as part of Disney’s recent decisions. Rob Steffens, co-president of Marvel Entertainment, and John Turitzin, chief counsel for the label were also laid off. Meanwhile, Dan Buckley, president of Marvel Entertainment, will remain at Disney and report directly to Kevin Feige, president of Marvel Studios.
Perlmutter’s Legacy at Marvel
Perlmutter’s impact on Marvel was significant. He joined Marvel Comics’ board of directors in 1993 and established control of the Marvel Group in 1997 after it faced bankruptcy. Under his leadership, Marvel saw a resurgence in popularity thanks in part to his efforts to cut costs and streamline operations. However, he was also known for being somewhat reclusive and for not taking risks on certain films or projects.
The future of Marvel Entertainment remains somewhat uncertain following this announcement. However, given the success of the brand within the larger Disney umbrella, it seems unlikely that it will significantly detract from Disney’s overall bottom line. Nonetheless, for those who have followed the ups and downs of this storied company over the years, Perlmutter’s departure is a significant moment that marks yet another shift in the ongoing narrative of one of the biggest entertainment companies in the world.
Image Source: Wikimedia Commons
