In 2022, Isaac "Ike" Perlmutter, the influential figure behind Marvel Entertainment and a key architect of Marvel Studios' box office success since the acquisition by Disney in 2009 for $4 billion, was terminated from his position as part of Disney's cost-cutting measures. Perlmutter, who had backed activist investor Nelson Peltz in his push for changes at Disney, including calls for cost reductions and corporate restructuring, found himself caught in a complex situation.

　　On Wednesday, according to The New York Times, Disney dismissed Perlmutter over the phone, folding Marvel Entertainment into larger Disney units. This decision also led to the layoffs of Perlmutter’s co-president Rob Steffens and chief counsel John Turitzin. Dan Buckley, the president of Marvel Entertainment, will continue in his role but will now report to Kevin Feige, the head of Marvel Studios.

　　Perlmutter's relationship with Disney CEO Bob Iger has been strained over the years. Despite being a significant shareholder with a nearly 1% stake valued at $2.4 billion, Perlmutter's recent vocal support for Peltz's activist campaign placed him at odds with Disney's management. Between August and November 2022, Perlmutter made several calls to Disney's board and executives advocating for Peltz's proposal.

　　Disney has resisted Peltz's efforts to secure a seat on its board, stating that he lacked the necessary skills and experience. However, after Iger announced plans to cut 7,000 jobs due to financial challenges and increasing costs, Peltz decided to end his proxy fight last month.

　　Before this activist investor saga, there were already tensions between Perlmutter and Iger, with reports indicating that they often communicated through intermediaries like former CEO Bob Chapek. Over time, Perlmutter's role within Disney diminished, particularly following a reshuffle in 2015 that moved Marvel Studios under Walt Disney Studios and reduced his influence over creative decisions and budgets for film projects. Additionally, Perlmutter faced criticism for his vetoing of projects featuring women or people of color in lead roles, creating friction with Feige.

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