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Disney lays off Marvel Entertainment chairman Isaac Perlmutter

The move is part of company's cost cutting measures

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Isaac "Ike" Perlmutter, chairman of Marvel Entertainment, has been laid of by Walt Disney Co as part of the attempts by the company to cut costs.

He was informed that Marvel Entertainment, which is a consumer products vertical run separately from Marvel Studios, will be merged into other business units of Disney, the New York Times reported.

The news of his lay-off comes even as Disney is planning to let go 4,000 employees. In February, the company had laid off 7,000 employees.

Disney CEO Bob Iger had in February while announcing the layoffs, said the company was planning a strategic reorganisation which would result in a more cost-effective, coordinated, and streamlined approach to its operations and assured that the company is committed to running its business more efficiently, especially in a changing economic environment.

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