The chairman of Marvel Entertainment is one of the latest casualties of cost-cutting moves at The Walt Disney CompanyDisney Company.
Isaac Ike Perlmutter, 80, has been laid off as the division responsible for comic book publishing and consumer products is merged into larger Disney business units, according to a person familiar with the situation.
Dan Buckley, the president of Marvel Entertainment, will report to Marvel Studios President Kevin Feige.
On Monday, Disney had to eliminate 7,000 jobs in order to save $5.5 billion in costs and make its streaming business profitable.
Perlmutter took over the comic book publisher in the late 1990s and sold Marvel to Disney in 2009 for $4 billion with Perlmutter continuing to oversee Marvel properties.
Perlmutter had no oversight of the film studio's budgets or creative process in that move.
Perlmutter had supported activist shareholder Nelson Peltz's unsuccessful bid this year to get a seat on Disney's corporate board.
The removal of Perlmutter was first reported by The New York Times.