Marvel's vice-chairman and principal stockholder, Isaac Perlmutter, has been named CEO, succeeding Allen Lipson, who held the post since 2003. Lipson is retiring after five years at Marvel.
Morton Handel, Marvel's nonexecutive chairman of the board, said the appointment was an acknowledgment of Perlmutter's "drive, talent and contributions." He also noted that Lipson "played an invaluable role in Marvel's turnaround." Perlmutter acquired the toymaker ToyBiz in 1990, which then acquired Marvel in 1997 after a battle between rival financiers Carl Icahn and Ronald Perelman left the company in bankruptcy. He has had a major role in running Marvel since then.
He is credited with leading Marvel out of its financial problems by developing a slate of strong movie projects and improved publishing and licensing programs. Perlmutter also raised eyebrows in May when he sold some four million shares of Marvel stock prior to the opening of the blockbuster film Spider-Man 2, though he remains Marvel's majority owner, with holdings of more than 13 million shares.
