Ike Perlmutter released an official statement about his time working for Disney ending. The Disney Company is amid three rounds of layoffs. However, Perlmutter continues as Walt Disney Co.’s largest individual shareholder.

Ike Perlmutter, former Chairman of Marvel Entertainment and the largest individual shareholder of The Walt Disney Co. (NYSE: DIS) explained why he believes his working relationship with the Disney company ended on March 29, 2023.

Press Release

Perlmutter began his press release by making it clear he was fired, not laid off from Disney. He said, “I have long expected that my working relationship with Disney would end. 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 also stated, “Anyone who knows me is well aware of my fixation on fiscal discipline to improve efficiency. 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.”

Back in February, Disney needed to respond based on proxy voting and a possible takeover of the board. Trian Partner led much of this process. As stated previously, Perlmutter voiced support for Peltz.

Ike Perlmutter and Ties to Disney

In this press release, Perlmutter said, “My ties to Disney are deep and extend more than 30 years. The Marvel brand which I brought to the company in 2009 is now one of the strongest and most profitable business units in the company, as well as one of the best-known entertainment franchises in the world.”

He concluded his statement by saying, “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.”

The layoffs will continue for several more months at the Disney Company. For example, several ABC executives were recently laid off. Removing the man who brought Marvel to Disney makes a bold statement. Firing the most significant shareholder also presents some obstacles for the Disney Company and Bob Iger in the coming years. Only time will tell how these decisions pan out.

What do you think of the Disney layoffs and firing? Let us know in the comments below.