Former Marvel chairman Eke Perlmutter says his departure from Disney “should make many shareholders sad” and vows to stay with the company “looking for improvements”.

Ike Perlmutter, who is generally a low-profile person, rarely showed his displeasure with Disney publicly.

The former Marvel Entertainment chairman and Disney’s largest single shareholder has made his grievances about the company’s direction public, saying it should make the company’s investors “sad” that he is gone. Since Marvel’s sale to Disney in 2009, Perlmutter has become an increasingly fringe figure in Marvel’s day-to-day management, most recently overseeing its consumer products operations while Kevin Feige continues to run Marvel Studios.

The investor released a statement claiming he was fired because of his “fixation on fiscal discipleship” and his support for activist shareholder Nelson Peltz. Trian’s CEO fought a proxy fight to seek a board seat and other considerations, but backed down earlier this year after CEO Bob Iger announced plans to cut $5.5 billion in costs.

Perlmutter’s testimony was followed by an interview with The Wall Street Journal, claiming that his departure was not part of the previously announced company-wide layoff plan, as Disney claimed, but was fired over clashes with executives. Perlmutter has long been known to have a frosty relationship with figs and figs.

“I have long anticipated that my association with Disney would end,” Perlmutter said in the statement. “That this is the result of my efforts to help Disney improve its business should sadden many shareholders, including myself, the company’s largest single shareholder. Despite my termination of employment, I will retain my ownership interest in Disney and continue to seek improvements within the company for the benefit of all stakeholders.”

Perlmutter said his desire to cut costs to “improve efficiency” is why he supported Peltz.

“This approach to Disney’s business has been my support for Trian as they try to restore the dividend, repair the company’s bloated cost structure and ensure a successful CEO succession.

“Trian CEO Nelson Peltz has a long history of improving shareholder returns at many leading consumer products companies. I think he could have done the same for Disney as a board member. It is a disappointment for me and I believe for many fellow shareholders that he was not welcome on the board and that the threat of a voting contest was necessary for the board and management to act.”

The proxy fight effectively ended in February, when Iger announced cost cuts and layoffs of 7,000 around the world, as well as a plan to resume paying dividends to shareholders at the end of 2023 after a three-year freeze.

Perlmutter, who sold Marvel to Disney for $4 billion and owns about $3 billion in Disney stock, said that despite his “termination of employment” he still holds his Disney stake and is making “improvements” to shareholders that he will pursue . “I wish nothing but the best for Disney’s stakeholders – its employees around the world, its millions of loyal fans and customers, its brilliant creators and contributors, and its many shareholders like me. I will continue to advocate for actions that ensure Disney’s long-term financial health and enable a new generation of leaders to reverse the trend of declining shares and return dividends to previous levels.”

Dade Hayes and Jill Goldsmith contributed to this report.