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April 5 (Reuters) – Former Marvel Entertainment Chairman Ike Perlmutter said on Wednesday he would keep his Disney franchise. (DIS.N) stock, a week after reports of his firing.
Reuters Report Last Wednesday, Disney fired Perlmutter, 80, as part of a cost-cutting drive.
However, Perlmutter told The Wall Street Journal that he was fired for being too aggressive in pushing Disney to cut costs and clashing with creative executives that new CEO Robert Iger wanted to empower.
Disney did not immediately respond to a Reuters request for comment.
News Perlmutterr’s dismissal comes after he backed activist shareholder Nelson Peltz in an unsuccessful bid to secure a seat on Disney’s corporate board.
“Trian CEO Nelson Peltz has a long history of enhancing shareholder returns at many leading consumer goods companies,” Perlmutter said in a public statement Wednesday.
As part of the restructuring process, Disney has addressed some of Trian Fund Management CEO Peltz’s criticism of the Mouse House overspending on streaming.
“It’s this way of operating Disney that shapes my support for Trian as he seeks to restore the dividend, fix the company’s bloated cost structure, and ensure a successful CEO succession,” Perlmutter said.
He owns about 30 million shares of Disney stock, worth about $3 billion, according to a Wall Street Journal report earlier in the day.
Reporting by Priyamvada C in Bengaluru; Editing by Devika Syamnath
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