Marvel Chairman Ike Perlmutter says he clashed with executives over a bid to cut costs
Former Marvel Entertainment chairman Isaac “Ike” Perlmutter said he was recently fired for being too aggressive in pushing for cost-cutting within the Walt Disney Corporation.
In a new interview with The Wall Street Journal, Perlmutter, 80, said his desire to save the company money — coupled with his well-known bad relationships with Disney CEO Bob Iger and Marvel Studios President Kevin Feige — made him lose his position tasted
“I have no doubt that my resignation was based on fundamental business differences between my thinking and Disney leadership because I care about return on investment,” Perlmutter said.
Perlmutter said he spent years before he was fired trying to get Disney to spend less on Marvel’s superhero films, saying he felt they were too expensive and too long.
Another point of contention could be his association with Nelson Peltz – who started a proxy fight with Disney in 2022 – as well as his support for trying to get Peltz onto the board.
Former Marvel Entertainment chairman Isaac “Ike” Perlmutter said he was recently fired for being too aggressive in pushing for cost-cutting within the Walt Disney Corporation
Perlmutter was also widely known for having bad relationships with Disney CEO Bob Iger (left) and Marvel Studios President Kevin Feige (right).
Perlmutter said he spent years before he was fired trying to get Disney to spend less on Marvel’s superhero films, saying he felt they were too expensive and too long. PICTURED: A still from Marvel Studios’ upcoming Guardians of the Galaxy Volume 3
The former chairman is one of Disney’s largest single shareholders, holding around 30 million shares of the company — an estimated $3 billion investment.
According to Perlmutter, Disney executives focus on ticket sales when it comes to Marvel movies and their budgets. He said it’s an aspect of the industry that he doesn’t care about.
“All they talk about is box office, box office,” said Perlmutter, who was once responsible for running the comic book publishing and licensing business.
“I care about the bottom line. I don’t care how big the register is. Only people in Hollywood talk about box office,” he continued.
To date, Marvel’s films have grossed more than $23 billion worldwide.
During his sacking, Perlmutter said Disney’s general counsel Horacio Gutierrez told him his position would be terminated due to cost concerns.
Gutierrez reportedly said his position is part of Disney and Iger’s plan to cut about $5.5 billion and an estimated 7,000 jobs.
As a reason, the longtime Marvel employee said he had not received any further explanations. However, he said he knew the real rationale.
“It was merely a convenient excuse to get rid of a longtime executive who dared to question the way the company did business,” Perlmutter told the outlet.
According to Perlmutter, Disney executives focus on ticket sales when it comes to Marvel movies and their budgets. He said it’s an aspect of the industry that he doesn’t care about
“All they talk about is box office, box office,” said Perlmutter, who was once responsible for running the comic book publishing and licensing business
Perlmutter may also have been banned for his association with Peltz, whose pRoxy Battle ended in February when Iger announced it cost reduction measures.
The formal manager of Marvel Entertainment said he was not directly involved in Peltz’s war against the company, but that he helped persuade Disney board members to add Peltz to the board.
His hope was that including Peltz could help his ideas be heard and taken up.
“My experience with big companies, when they’re struggling and they don’t have the spare money or whatever, people like Nelson Peltz usually know how to get it back on track,” Perlmutter said.
“One thing I’ve learned my whole life about creative people is that you can’t give them an open credit card. … They’ve been doing this for 30 years, why would they change?” he continued.
A former Marvel Entertainment employee said that despite Perlmutter’s “cheat-fixing” methods, his methods are “effective.”
“Ike’s a penny-pincher,” said former Marvel chairman Morton Handel.
“It’s irritating for some people, and there are some people who don’t believe in this way of running a business. But in my own experience I have never met a more effective manager than Ike Perlmutter,” Handel continued.
Perlmutter may also have been banned for his association with Nelson Peltz, who launched a proxy fight against Disney in 2022
The formal manager of Marvel Entertainment said he was not directly involved in Peltz’s war against the company, but that he helped persuade Disney board members to include Peltz
Marvel Studios split from Marvel Entertainment in 2015
Another point of contention was Perlmutter’s stance on Florida Gov. Ron DeSantis’ “Don’t Say Gay” legislation, which Disney opposed.
Perlmutter told the Wall Street Journal that he told the Republican governor he thought he was right about Disney staying out of politics.
“Ron, you’re right. Disney has no right to get involved in politics,” Perlmutter said.
Since Disney executives have spoken out, DeSantis has been working to take away some of the company’s power and influence in the tax district where the theme parks are located.
Perlmutter said he anticipated the backlash and tried to warn against taking a stand.
“Don’t get involved in politics. you will get hurt It’s a no-win situation,” he told other company bosses.
This certainly wasn’t the first time the Israeli expat, who arrived penniless in the US in the 1960s, clashed with top executives at the company.
After buying Marvel out of bankruptcy in the 1990s and selling the brand to Disney for $4 billion in 2009, he later stayed with the newly formed Marvel Studios.
In 2015, Iger removed Perlmutter from his position and separated Marvel Entertainment and Marvel Studios over a dispute with Feige, who was executive producer at the time.
In a February interview, Iger said he stepped in when Perlmutter planned to fire Feige and that it “created a calamity that exists today.”
Perlmutter told the Wall Street Journal he denied trying to expel Feige or firing him outright.
“Don’t get involved in politics. you will get hurt It’s a no-win situation,” Perlmutter, pictured above with former President Donald Trump, told Disney executives
In 2015, Iger separated Marvel Studios from Marvel Entertainment, dissolving Feige and Perlmutter
CNBC reporter Alex Sherman’s tweet was posted on Thursday
Even after his “demotion,” Perlmutter said he was still privy to earnings statements for Marvel Studios films through 2017.
He has repeatedly asked for financial information over the years, most recently asking to receive a earnings statement for Doctor Strange in the Multiverse of Madness, which premiered in May 2022.
He claims that spending on Marvel movies has gotten out of hand and that despite his best efforts — even with former Disney CEO Bob Chapek — he’s been overlooked.
“There was no way to force the issue because the creative people at The Walt Disney Company are very powerful,” Perlmutter said.
The sacked chairman also said that despite their turbulent history, he and Iger have a good working relationship.
In 2014, he said he lobbied for the board to give Iger a raise after Iger complained to him that he wasn’t making as much as his peers at other studios.
DailyMail.com has reached out to corporate communications with The Walt Disney Corporation but has received no response at the time of publication.
Source: | This article originally belongs to Dailymail.co.uk
https://www.soundhealthandlastingwealth.com/celebrity/marvel-chairman-ike-perlmutter-says-he-clashed-with-execs-because-he-wanted-to-cut-costs/ Marvel Chairman Ike Perlmutter says he clashed with executives over a bid to cut costs