Ike Perlmutter, who is generally someone who keeps a low profile, has made a rare public show of his dissatisfaction with Disney.The former chairman of Marvel Entertainment and largest individual shareholder in Disney went public with his complaints about the company’s direction, saying it should “sadden” investors in the company that he is gone. Since selling Marvel to Disney in 2009, Perlmutter had become an increasingly marginal figure in the day-to-day management of Marvel, most recently overseeing its consumer products operations as Kevin Feige continues to lead Marvel Studios.The investor released a statement, in which he claims he was fired over his “fixation on fiscal disciple” and support for activist shareholder Nelson Peltz. The Trian CEO had waged a proxy fight in pursuit of a board seat and other considerations, but withdrew earlier this year after CEO Bob Iger unveiled plans to cut $5.5 billion in costs.Perlmutter’s statement followed an interview with The Wall Street Journal, in which he claimed his exit was not part of the previously announced company-wide redundancy plan, as Disney had claimed, but was fired for clashing with execs. Perlmutter has long been known to have frosty relations with Iger and Feige.“I have long expected that my working relationship with Disney would end,” Perlmutter said in the statement. “That it should come as a result of my trying to help Disney improve its business should sadden many shareholders as it does me, the company’s largest individual shareholder. Despite my employment termination, I will continue to hold my shares of Disney and continue to seek improvements at the company for the benefit of all stakeholders.”Perlmutter said his desire to see costs cut to “improve efficiency” was why he supported Peltz.“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.“Trian CEO Nelson Peltz has a long history of improving shareholder returns at many leading consumer businesses. I believe he could have done the same for Disney as a member of its board. It’s a disappointment for me and I believe many fellow shareholders that he wasn’t welcomed to the board and that it took the threat of a proxy contest for the board and management to begin to act.”The proxy battle effectively ended in February when Iger announced cost cuts and layoffs numbering 7,000 around the world, as well as a plan to return to return dividends to shareholders at the end of 2023 after a three-year freeze.Perlmutter, who sold Marvel to Disney for $4 billion and holds about $3 billion in Disney shares, said that despite his “employment termination,” he would continue to hold his Disney stock and “seek improvements” for shareholders. “I wish only the very best for Disney stakeholders – its employees around the world, its millions of devoted fans and customers, its brilliant creators and contributors, and its many shareholders, like me. I will continue to advocate for actions that secure Disney’s long-term financial health and allow a new generation of management to reverse the trend of falling shareholder equity and return the dividend to its prior level.”
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