You might have heard the rejoicing from New York City, but Isaac (Ike) Perlmutter is out at Marvel, part of the Walt Disney Company‘s cost-cutting campaign. Perlmutter was told today that Marvel Entertainment was redundant and would be folded into Disney’s business units according to the New York Times.

The move is part of Disney’s plan to cut an additional 7,000 jobs, around 4% of its workforce. It’s part of a move to try to cut $5.5 billion in expenses and improve the company’s financial position.

Perlmutter’s reign at Marvel has been one of controversy. The elusive individual is rarely photographed and is known for his tightness with money. A story goes he once pulled paperclips out of garbage cans for reuse. His relationship with Marvel Studios was contentious, butting heads with Kevin Feige. He hasn’t been involved with the movies since 2015 and lost control of television in 2019. Most recently, Perlmutter attempted to put a friend on the Disney board resulting in a proxy battle.

Outside of Disney, Perlmutter is/was a strong support of President Donald Trump, advising on Veterans affairs, a move that may have violated laws. Perlmutter also donated to organizations tied to the January 6th attack on the US Capitol.

Also laid off today were Rob Steffens, co-president of Marvel Entertainment and John Turitzin, chief counsel for the division.

Dan Buckley, president of Marvel Entertainment remains and will report to Kevin Feige, president of Marvel Studios. Buckley previously reported to Feige and Perlmutter.

In 2009, Perlmutter sold Marvel to Disney for $4 billion.