While it’s a big week for Marvel Studios with the release of Deadpool & Wolverine, the behind the scenes corporate shuffle continues as Ike Perlmutter has finally released his grip from any attachments of the company where he was once chairperson.
The timing is purposeful, and the 81-year-old may not be done with Disney forever. According to the WSJ, Perlmutter said “he sold because he doesn’t have confidence in Disney’s current management and expects the company’s share price and financial performance to decline further. If Disney’s shares decline to $65 to $75 per share, he plans to buy much of his old stake back.” The paper also noted “he sold his stake between early April and mid-July at an average price of just under $115.”
So-called activist investor Nelson Peltz, who’s aiming to win two Disney board seats, has stirred up some controversy by calling out Disney’s recent era of “woke” strategy through diversifying its slate of films at Marvel Studios.
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The 81-year-old businessman, whose experience is with food companies including Wendy’s and H.J. Heinz as well as having once supported the DeSantis presidential campaign, had a lot to say about The Marvels and Black Pantherin an interview with the Financial Times. “Why do I have to have a Marvel [movie] that’s all women?” Peltz asked the publication. “Not that I have anything against women, but why do I have to do that? Why can’t I have Marvels that are both? Why do I need an all-Black cast?” Side note: Peltz happens to be the father of Nicola Peltz, who played Katara in 2010’s infamously very white Last Airbenderadaptation.
He continued, “People go to watch a movie or a show to be entertained. They don’t go to get a message.” Since he also claimed that he doesn’t have experience in media, it’s interesting to note that Peltz’s Trian Partners is pushing for this vote as part of Ike Perlmutter’s hopes for retaliation against Disney CEO Bob Iger, who terminated him from Marvel Entertainment last year. Variety reported that, “Trian controls roughly $3.5 billion worth of Disney stock, 79% of which is owned by Perlmutter.” This goes back to Perlmutter’s feud with Kevin Feige, who pushed for Black Panther and Captain Marvel. Perlmutter fought against diversity in Marvel’s slate until Iger stepped in to force his hand and allow the films to be made.
Ryan Coogler’s Black Panther, starring the late Chadwick Boseman, was a hit with $1.35 billion at the worldwide box office; it kicked off the Academy Award-winning franchise and brought more inclusivity to the Marvel Cinematic Universe. Proving Perlmutter wrong publicly while revealing the lengths the forner Marvel exec went to in order to stop diverse superhero toys, merch, and movies being made really propelled Feige into the public’s good graces. Recent misses for the studio including The Marvels havecaused some Marvel watchers to wonder if Feige’s position should be called into question. When asked by the Financial Times if it should, Peltz responded, “I’m not ready to say that, but I question his record.”
Disney board member George Lucas recently stood up against Peltz by releasing a statement (reprinted in Variety and elsewhere) to support Bob Iger in rejecting his bid. “Creating magic is not for amateurs,” Lucas said in a shot right at Peltz, who also admitted to the Financial Times he’s been a bit of a bully. (“What sense is being a billionaire if you’re not a bully?” Peltz has been quoted as saying.) Which is such a strange stance to bring into Disney, standing directly against all it represents.
Lucas continued, “When I sold Lucasfilm just over a decade ago, I was delighted to become a Disney shareholder because of my longtime admiration for its iconic brand and Bob Iger’s leadership.” He added, “When Bob recently returned to the company during a difficult time, I was relieved. No one knows Disney better. I remain a significant shareholder because I have full faith and confidence in the power of Disney and Bob’s track record of driving long-term value. I have voted all of my shares for Disney’s 12 directors and urge other shareholders to do the same.”
Peltz aims to add more board seats for his hedge fund firm through his Disney bid and support the agenda that Ike Perlmutter, his silent third party partner, has advocated for during his Disney tenure. The Hollywood Reporter disclosed that Perlmutter had this up his sleeve as soon as he was terminated, as he immediately pledged his stakes in Disney to Peltz. Before Iger came back Peltz had attempted a proxy battle with the company as a result of its losses, but was held off by his return. With this seat bid he hopes for round two in having more direct influence on the company board.
Disney’s latest salvo in a proxy fight with activist investor Trian Fund Management highlights the firm’s “silent partner” Ike Perlmutter and his “difficult history with Bob Iger.”
That critique came in a 20-page slide deck, a follow-up to an anti-Trian video released by Disney earlier this week. The clash has intensified ahead of Disney’s annual shareholder meeting on April 3. The new slide deck, titled “Correcting Trian’s Fiction With Facts,” revisits a number of prior arguments, many of which were included in the video. (Trian laid out its case in a 130-page white paper earlier this month.)
For Hollywood observers in particular, though, Disney’s take on former Marvel boss Perlmutter is intriguing. It also cuts a bit deeper than previous public comments on the former exec by Iger and the company.
Perlmutter, who has long been friendly with Trian co-founder and front man Nelson Peltz, has been the firm’s “silent partner” in the effort to secure board seats for Peltz and ex-Disney CFO Jay Rasulo, Disney maintains. “The former Perlmutter’s fraught history with Bob Iger appears to have driven his collaboration with Peltz to run a proxy contest,” the document states, noting that Perlmutter owns about 79% of the shares Peltz “claims” to own.
Trian “neglected to address Perlmutter’s well-chronicled, difficult history with Bob Iger and many Disney employees, which is a highly relevant consideration for shareholders,” in Disney’s view. The firm “has said little about the role and influence of Perlmutter — it is not credible that Perlmutter is truly just sitting on the sidelines.”
Perlmutter’s oversight of Marvel’s studio “was severed in 2015,” the document continues. The parting was “due to his ongoing antagonization of the creative team and vehement opposition to expanding the group’s output to films like Black Panther and Captain Marvel.” Those films went on to gross $1.3 billion and $1.1 billion at the global box office, respectively.
Ties with Perlmutter were completely cut in March 2023 “as part of the company’s cost reduction program,” the slide deck unsentimentally adds. His alignment with Peltz and the campaign to dislodge Iger began soon thereafter.
Rasulo doesn’t escape scrutiny in the latest blast from Burbank. The former CFO, who left Disney in 2015 after being passed over for the CEO role, and Peltz “do not add incremental skills to Disney’s board,” Disney asserts. Since Rasulo joined the board of iHeartMedia, the company’s performance metrics have only gotten worse, and the exec “failed to address streaming’s challenge to legacy radio.”
The exec “did not drive” either strategy or succession planning at Disney, the company says, and he “has no credible succession planning experience.”
Trian has made succession a key aspect of its criticism of Disney. Since returning as CEO in November 2022, Iger has repeatedly said a formal process of succession planning is under way and that he will pass the baton for certain at the end of his current contract in 2026. Trian has noted his multiple reversals of previously stated plans to step down during his 14-year initial run as CEO, as well as his decision to hand control to Bob Chapek in 2020. Chapek ended up being ousted by the board after a series of missteps and increasing concern by Iger about the direction of the company.
Meanwhile, as the proxy saber-rattling continues, a notable business figure has aligned with Iger. JPMorgan Chase CEO Jamie Dimon, a highly influential figure in banking and finance circles, sent a statement to CNBC laying out his rationale.
“Bob is a first-class executive and outstanding leader who I’ve known for decades,” Dimon said in the statement. “He knows the media and entertainment business cold and has the successful track record to prove it. It’s a complicated industry filled with creative talent, requiring the unique expertise and engagement skills that Bob possesses. Putting people on a Board unnecessarily can harm a company. I don’t know why shareholders would take that risk, especially given the significant progress the company has made since Bob came back.”
The Marvel Cinematic Universe is in a weird phase right now, and no, I don’t mean Phase Five which began with Ant-Man and the Wasp: Quantumania. Over just a few short days, it became clear that the shared movie universe is undergoing a lot of change, and not for the best reasons. From actors to workers and even top leadership, Marvel’s going through it right now.
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Marvel as a subset of Disney was just part of a huge set of layoffs earlier this week, with Mickey Mouse and friends slashing over 7000 jobs. Only the first wave of those cuts happened this week, and the final 7000 number is expected to come sometime in April. Company-wide, personnel is being dropped by one of the biggest corporations in the world, but even outside of egregious labor issues, Marvel has been dealing with a few more precise changes in its workforce.
Top executives are being let go
Marvel recently fired Victoria Alonso, who AV Club describes as “one of the biggest architects of the Marvel Cinematic Universe,” having been with the connected universe project for over a decade before her leaving the company earlier in March. At the time of her departure, she was Marvel’s president of physical production, post-production, VFX and animation. According to a Variety report, this came as part of a joint decision between Disney’s human resources, legal department, and executives including but not limited to Disney Entertainment co-chairman Alan Bergman. Kevin Feige, president of Marvel Studios, reportedly didn’t intervene, and Alonso was “blindsided.” The entire situation is wading into legal territory. Disney says Alonso’s firing came as part of a breach of contract because of her production work on Argentina, 1985, a non-Disney film, though Alonso’s team claims she had permission to do so.
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On top of this, there seems to have been conflict between Alonso and Disney/Marvel in regards to queer issues within the company, according to Variety and The Hollywood Reporter. Alonso, who is gay, reportedly clashed over an issue where Disney wanted a scene in Ant-Man and the Wasp: Quantumania altered to blur out a shop window that included Pride memorabilia in Kuwait, which has anti-LGBTQ+ laws in place. This is after she publicly spoke out against then-CEO Bob Chapek at the GLAAD awards for Disney’s reaction to Florida’s “Don’t Say Gay” bill, and was told she would no longer be allowed to do press for Marvel. Attorney Patty Glaser, who is representing Alonso, released the following statement to Variety:
“The idea that Victoria was fired over a handful of press interviews relating to a personal passion project about human rights and democracy that was nominated for an Oscar and which she got Disney’s blessing to work on is absolutely ridiculous,” Glaser says. “Victoria, a gay Latina who had the courage to criticize Disney, was silenced. Then she was terminated when she refused to do something she believed was reprehensible. Disney and Marvel made a really poor decision that will have serious consequences. There is a lot more to this story and Victoria will be telling it shortly—in one forum or another.”
While Alonso’s influence on the MCU is significant and dates back to the earliest films like the original Iron Man, she’s also been named in ongoing reports about the dire state of the animation industry as reported by Vulture and allegedly blacklisted artists working on Marvel projects that she took issue with. In general, Marvel’s animation and VFX workers have been coming forward about apparent toxic work environments and unfair contracts while working on the studio’s projects. This has reportedly been especially difficult on Disney+ projects like She-Hulk, with smaller budgets and shorter turnaround times still expecting movie-quality work.
Another high-profile departure is that of Ike Perlmutter, who was let go from the company this week. Perlmutter has had a long, storied history with Marvel, including a stint on the board of directors (as well as the chairman of the board), working as the vice chairman of the company in the early 2000s, moving up to the chief executive officer position in 2005, then remaining the CEO after Disney acquired the comic company in 2009. He oversaw Marvel Studios up until 2015 while reportedly being very tight on production budgets and also claiming Black people “look the same” regarding Don Cheadle’s replacement of Terrence Howard as James Rhodes in the MCU. He operated as a chairman from 2017 until his eventual layoff.
Jonathan Majors’ domestic violence case is ongoing
While executive departures will have an effect on things down the line, the most immediate problem Marvel movies have to contend with is the ongoing domestic violence case against actor Jonathan Majors. The actor, who plays Kang the Conquerer most recently in Ant-Man and the Wasp: Quantumania, was arrested in Manhattan on assault, strangulation, and harassment charges. Majors’ legal team led by attorney Priya Chaudhry claims he’s innocent and released text messages allegedly sent by the victim in the case. The texts say this was “not an attack,” claim fault for the dispute because she was “trying to grab [Majors’] phone,” and disputed the strangulation charges. The alleged texts say the authorities were called due to the woman fainting, and that when there was a suspicion of a domestic dispute, Majors was arrested per mandatory arrest laws associated with domestic abuse cases in New York.
Majors’ future in the Marvel Cinematic Universe is unclear as the investigation is ongoing, but the U.S. Army has pulled ads featuring the actor until the investigation is complete. The reason this is so significant in Marvel’s view is Majors’ character, Kang the Conquerer, is essentially Marvel’s main villain right now. He’s only appeared in two projects thus far, one being the Loki Disney+ show, and the second being Quantumania. But the shared universe franchise is leading up to Avengers: The Kang Dynasty and Avengers: Secret Wars, both of which are set to feature Kang as the primary antagonist. He’s a Thanos-style character that Marvel can’t simply pluck from the story. Should the investigation lead to a guilty verdict, it’s likely Majors will be recast.
While all of these developments have happened for different reasons, whether that be corporate greed, office politics, and a domestic violence case, Marvel as a production is seeing some serious shake-ups right now. Not all of it seems to be of the company’s volition, but things are changing for Marvel at a time when the brand has been losing a lot of its staying power. Quantumania is the last movie Marvel released in theaters, and it was one of the series’ most poorly received and is sitting at a 47 percent approval rating on Rotten Tomatoes.
While Marvel movies still make more money than you or I will ever see in a room at once, the franchise has been trending somewhat downward at the box office. Quantumania still made $470 million in its theatrical run, but that’s significantly lower than Ant-Man and the Wasp made in 2018, which was around $623 million. Several Marvel movies have made below the half-a-billion mark in recent years, such as Eternals and Shang-Chi and the Legend of the Ten Rings. Black Widow is one of the lowest-performing movies in the franchise’s lifetime with $379 million but was notably hindered by the covid-19 pandemic making fewer people willing to head out to theaters in 2021. Black Panther: Wakanda Forever did manage to bring in over $859 million, but that was even down from the original’s $1 billion.
It’s unclear what, if any, changes this might bring to the franchise, but figureheads and workers that have been with the brand for a long time are gone. Reading over it all now, ultimately, I sympathize most with the workers who were subject to the layoffs. Alonso and Perlmutter will be fine, but the people who worked (and apparently suffered) under them are in a much worse position.
We’ve reached out to Marvel, Majors, and Alonso for comment on this story and will update it should we hear back.
Update: This piece has been updated with information about Alonso’s reported disputes with Disney regarding queer content in its movies.
