Marvel Enterprises Names New CEO

Bloomberg News

Marvel Enterprises Inc., the publisher of “Spider-Man” comic books, said Allen Lipson will become chief executive after Peter Cuneo retires at the end of the year.

Lipson, 59, has been Marvel’s executive vice president of business and legal affairs since November 1999. Cuneo will continue to serve as a board member and advisor, the company said.

For the record:

12:00 AM, Sep. 18, 2002 For The Record
Los Angeles Times Wednesday September 18, 2002 Home Edition Main News Part A Page 2 National Desk 11 inches; 402 words Type of Material: Correction
Marvel shares--A brief about Marvel Enterprises in Tuesday’s Business section gave the wrong closing price for the company’s stock. Marvel shares rose 24 cents to $6.60, not $16.60, on the New York Stock Exchange on Monday.

Cuneo, 58, who became CEO in July 1999, has been credited with helping the New York-based publisher rebuild interest in Spider-Man, X-Men and its other comic book characters. Marvel also publishes “The Incredible Hulk” and “Daredevil” comic books.

The company reported a second-quarter profit, helped by licensing from “Spider-Man,” which has generated about $800 million in worldwide box office sales as of last month. Marvel’s shares closed Monday at $16.60, up 24 cents, on the NYSE.