Although it’s a big week for Marvel Studios with the release of Deadpool and WolverineThe company’s behind-the-scenes shakeup continues as Ike Perlmutter finally freed his grip from any ties to the company he once chaired.
Ousted leader followed his partner Nelson Peltz by selling its stake in the Walt Disney Company, the the wall street journal This is a decision that follows that of activist investor Peltz and his partners Trian Loss of proxy battle with Disney. Peltz was considered Perlmutter’s program, which pushed the channels for further conservative and anti-diversity platforms Perlmutter supported Marvel Entertainment during his tenure as chairman before being ousted last year. Perlmutter sold his entire 25.6 million share stake after Peltz’s vote.
The timing is good, and the 81-year-old may not be done with Disney forever. According to the WSJ, Perlmutter said “he sold because he has no confidence in Disney’s current management and expects the company’s stock price and financial performance to decline further. If Disney shares fall to $65 or $75 a share, he plans to buy back much of his former stake.” The paper also noted that “he sold his stake between early April and mid-July at an average price of just under $115.”
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