Isaac “Ike” Perlmutter, the former chairman of Marvel Entertainment, recently spoke out in a rare interview with The Wall Street Journal about his dismissal from Walt Disney Co. According to Perlmutter, he was fired for pushing Disney too aggressively to cut costs and running afoul of the creative executives whom newly returned Chief Executive Robert Iger wants to empower.
Perlmutter, who is also one of Disney’s largest individual shareholders, with approximately 30 million shares worth about $3 billion, has been a vocal critic of Disney’s spending on Marvel Studios superhero movies for years. He believes that these movies are too long and too expensive to produce and that the focus on ticket sales is misplaced. Perlmutter says he cares about the bottom line and return on investment, not just box office numbers.
Disney, known for its loyalty to typical employees, did not appreciate Perlmutter’s approach to leadership. If he didn’t like what he saw from leadership, he would pick up the phone and air his concerns to powerful allies like former CEO Bob Chapek and activist investor Nelson Peltz. When Disney was battling with Florida Gov. Ron DeSantis, Perlmutter even called him to voice his support for the governor’s position that Disney should not get involved with politics.
Perlmutter’s dismissal from Disney raises questions about the company’s future under Robert Iger. Disney’s Marvel superhero movies, distributed by the company, have grossed more than $23 billion globally, making it one of the most successful franchises in Hollywood history. However, Perlmutter believes that the focus on box office numbers is misplaced and that Disney should be more concerned with the bottom line and return on investment.
In his interview with The Wall Street Journal, Perlmutter also criticized Disney for missteps in recent years. He believes that the company has made mistakes with its theme parks and its handling of the pandemic, among other things.
Perlmutter’s dismissal from Disney is a reminder of the challenges that companies face when dealing with outspoken executives who don’t always play by the rules. While Disney is known for its loyalty to typical employees, it’s clear that Perlmutter was no typical corporate employee. His vocal criticism of Disney’s spending on Marvel Studios superhero movies, combined with his willingness to pick up the phone and air his concerns to powerful allies, ultimately led to his dismissal.
As Disney moves forward under Robert Iger, it will be interesting to see how the company navigates the challenges of balancing the creative vision of its executives with the bottom line and return on investment that investors like Perlmutter care about.
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