Marvel Entertainment will be folded into other parts of the Disney corporate umbrella.
In a cost-cutting move, Walt Disney Co laid off Marvel Entertainment chairman Isaac Ike Perlmutter, according to a report by The New York Times.
Marvel Entertainment president Dan Buckley will stay and report to the chief of Marvel Studios, Kevin Feige.
The layoff of Perlmutter comes days after Disney CEO Bob Iger announced the company would cut 7,000 staff amid financial difficulties and rising costs.
Perlmutter’s co-president, Rob Steffens, and chief counsel John Turitzin, were also laid off.
Marvel Entertainment, which sells consumer products and operates independently of production company Marvel Studios, will be folded into larger Disney units.
Perlmutter’s oversight included comic book publishing, as well as game licensing and arena shows.
Perlmutter sold Marvel to Disney in 2009 for $4bn, having previously steered the company during the 1990s, capitalising on the comic book label’s superhero merchandising business.
