April 5 (Reuters) – Marvel Entertainment’s former chairman Ike Perlmutter on Wednesday mentioned he’ll maintain on to his Disney (DIS.N) shares, per week after reviews of his termination from the function.

Reuters reported final Wednesday that Disney had laid off Perlmutter, 80, as a part of a cost-cutting marketing campaign.

Perlmutter, nevertheless, advised the Wall Street Journal that he was fired for pushing Disney too aggressively to chop prices and operating afoul of the artistic executives whom newly returned CEO Robert Iger needed to empower.

Disney didn’t instantly reply to a Reuters request for remark.

News of Perlmutter’s termination had come after he supported activist shareholder Nelson Peltz’s unsuccessful bid to acquire a seat on Disney’s company board.

“Trian CEO Nelson Peltz has a long history of improving shareholder returns at many leading consumer businesses,” Perlmutter mentioned in a public assertion on Wednesday.

Disney, as part of its restructuring course of, had addressed among the criticism from Trian Fund Management’s chief Peltz that the Mouse House was overspending on streaming.

“It is that approach to Disney’s operations that has formed my support for Trian, in seeking to restore the dividend, fix the company’s inflated cost structure, and ensure a successful CEO succession,” Perlmutter mentioned.

According to the WSJ report from earlier within the day, he owns about 30 million shares of Disney, price about $3 billion.

Reporting by Priyamvada C in Bengaluru; Editing by Devika Syamnath

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