The sale of Ford Mazda stocks also meant an important landmark in the history of the automobile industry—Ford is letting Mazda out of its reigns after twelve years of full control. Ford took over the said Japanese brand since 1979 but the company wasn’t able to immediately establish full control.

With the diminished power that Ford has now over Mazda, CEO Hisazaku Imaki immediately passed Mazda’s reigns to purchasing head Takashi Yamanouchi. The new successor was reported to have been with Mazda for over forty years.

Mazda’s spokeswoman, Yukari Hara, said that the sell off entails that Mazda has once again been a Japanese company. A report said that the Ford shares were actually bought by Mazda’s Japanese stockholders.

In a statement release by Ford, CEO Allan Mullay said that the funds gained from the sell off will be used in the company’s operating funds for brand improvements.

Despite the sale, Ford reiterated that the company still remains a Mazda’s largest shareholder. As a proof of this statement, Philip Spender, Ford’s Executive to the Mazda’s board, would still remain as the company’s Executive Vice-President.

Meanwhile, two of Ford’s executive to the Mazda board were replaced by the Japanese brand’s own homegrown officers. Mazda maintained that the changes in leadership will not affect the company’s strategic direction.

Both Ford and Mazda agreed that the two companies would still continue their relationship as business partners.