Marvel Entertainment’s former chairman Isaac “Ike” Perlmutter said Wednesday he will hold on to his Disney shares, a week after reports of his termination from the role.
Reuters reported last Wednesday that Disney had laid off the 80-year-old Perlmutter, Disney’s largest individual shareholder, as part of a cost-cutting campaign.
Perlmutter, however, told the Wall Street Journal that he was fired for pushing Disney too aggressively to cut costs and running afoul of the creative executives whom newly returned CEO Robert Iger wanted to empower.
Isaac Perlmutter told the Wall Street Journal that he was fired for pushing Disney too aggressively to cut costs.AP
Disney did not immediately respond to a Reuters request for comment.
News of Perlmutter’s termination had come after he supported activist shareholder Nelson Peltz’s unsuccessful bid to obtain a seat on Disney’s corporate board.
“Trian CEO Nelson Peltz has a long history of improving shareholder returns at many leading consumer businesses,” Perlmutter said in a public statement on Wednesday.
Disney has addressed concerns that it was overspending on streaming.Walt Disney World Resort via Getty Images
Disney, as a part of its restructuring process, had addressed some of the criticism from Trian Fund Management’s chief Peltz that the Mouse House was overspending on streaming.
“It is that approach to Disney’s operations that has formed my support for Trian, in seeking to restore the dividend, fix the company’s inflated cost structure, and ensure a successful CEO succession,” Perlmutter said.
According to the WSJ report from earlier in the day, he owns about 30 million shares of Disney, worth about $3 billion.
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