Per Variety and The New York Times, as part of its restructuring following Bob Iger’s return as CEO last year, the Walt Disney Company has deemed Marvel Entertainment a redundant subsidiary, and will be folding it into other, larger company units. As part of its first step, the company has laid off chairman Ike Perlmutter, co-president Rob Steffens, and chief counsel John Turitzin. Dan Buckley, the division’s president, will remain, now reporting to Marvel Studios president — and his division’s chief creative officer — Kevin Feige.
The decision seemingly concludes Perlmutter’s tumultous relationship with Disney. Perlmutter, 80, had been at Marvel since 1993, when he joined its board of directors after his company, Toy Biz, was partially acquired by the publisher. He became vice chairman in 2001, and CEO in 2005, during which time Marvel’s film division began producing its own films. In 2009, a year after Iron Man launched the Marvel Cinematic Universe, the company was bought out by Disney, a deal which made Perlmutter a major shareholder at the Mouse, although he turned down a seat on its board of directors.
By 2015, the relationship between Perlmutter and Feige had grown tense: the CEO’s infamously austere approach, and his allegedly racist and sexist comments, led Disney to remove Marvel Studios from Perlmutter’s oversight, making it part of Disney Studios instead. Two years later, Perlmutter was effectively kicked upstairs after being appointed chairman, while Dan Buckley was named president of Marvel; two years later, after Avengers: Endgame became one of the highest-grossing films of all time, Feige was named Marvel Entertainment’s chief creative officer, and Marvel TV and Animation were absorbed into his division.
It seems the last straw for Disney came earlier in 2023, when Perlmutter reportedly backed investor Nelson Peltz’s attempt to join the Disney board, in apparent opposition to Bob Iger’s return as CEO. It is unknown at the time of writing how the reorganization will affect Marvel Entertainment’s remaining divisions, including Marvel Comics, Games, and New Media (ie. podcasts and websites), but one thing’s for sure – expect more lay offs.
