Disney lays off Perlmutter, head of Marvel Entertainment

Isaac Perlmutter, the famously frugal Marvel Entertainment chairman who unsuccessfully worked to shake up the Walt Disney Co.’s board in the past year, has been laid off as part of a cost-cutting campaign.

Disney confirmed the move. Perlmutter, 80, was told by phone Wednesday that Marvel Entertainment, a small division centered on consumer products and run separately from Marvel Studios, was redundant and would be folded into larger Disney business units, according to two Disney executives briefed on the matter, who spoke on the condition of anonymity to discuss a sensitive personnel matter.

On Monday, Disney started to eliminate 7,000 jobs, about 4% of its global total, as part of $5.5 billion in cuts intended to improve Disney’s financial results and position the company for streaming-fueled growth.

On Wednesday, Disney also laid off Rob Steffens, co-president of Marvel Entertainment, and John Turitzin, chief counsel for the division. Dan Buckley, president of Marvel Entertainment, will remain and report to Kevin Feige, president of Marvel Studios.