Bob Iger vs. Ike Perlmutter- Round Two
While Nelson Peltz continues to grab headlines for his proxy war against the Walt Disney Company, there is another battle brewing, one that has been simmering for eight years.
The Real Marvel Civil War
In 2015, CEO Ike Perlmutter oversaw the resurgent entertainment company Marvel. At the time, the MCU, under the supervision of Kevin Feige, took center stage in popular culture and was more successful than ever before. Mr. Perlmutter, along with the Marvel “creative committee” however, continued to hover over Mr. Feige and his long-term vision. The battle between the Marvel of Hollywood and the Marvel of New York City had come to a head.
While Feige was the undisputed king of the box office, he still lack autonomy within his own company. As filming on Captain America: Civil War wound down, the famously frugal Mr. Perlmutter argued over the cost of the film. Mr. Feige finally had enough- he contemplated leaving Marvel.
Iger Backs Feige
With Mr. Feige and Mr. Perlmutter at a breaking point, Disney’s cash cow seemed in peril. The problem was escalated to Disney CEO Bob Iger, who quickly re-organized Marvel. Mr. Feige was then liberated from Mr. Perlmutter and New York, and was assigned to report directly to then-film studio chief Alan Horn.
According to Mr. Iger’s autobiography, Mr. Perlmutter’s interference ran deeper than just budgetary concerns. Perlmutter was also blocking Marvel’s first lead black and woman super heroes.
“I called Ike and told him to tell his team to stop putting up roadblocks. And ordered that we put both Black Panther and Captain Marvel into production,” Mr. Iger wrote.
Four years after freeing himself from Mr. Perlmutter’s control, Feige would solidify himself as the most important man at Marvel, when In October 2019, Mr. Feige was given control of the company’s television, animation, and print editorial operations.
Perlmutter’s Revenge
With Mr. Iger now back as CEO, and Disney in a more vulnerable position than it has been in years, it seems that Mr. Perlmutter’s revenge has finally arrived. Perlmutter, who retains a seat on the Disney board, has been campaigning for his friend and activist investor Nelson Peltz to join him on the board. This campaign however, actually began when Bob Chapek held the CEO position.
In Disney’s proxy finding released today, the company revealed that Mr. Perlmutter and Mr. Peltz met with former CEO Mr. Chapek in July of 2022. The duo assured Mr. Chapek that with Mr. Peltz on the board, they could solidify the vulnerable CEO’s control within the company.
According to Disney, Mr. Perlmutter reportedly went on to warn that without Mr. Peltz on the board, Mr. Iger and other former Disney executives would be brought back.
Now that Mr. Iger has indeed returned to helm the company, he once again faces his old foe Perlmutter. This time the stakes involve Mr. Peltz’s seat on the board. More importantly however, it also may determine the future succession plan for the Walt Disney Company.
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