By selling off 20 percent of its 33.4 percent holdings in Mazda, the Ford Motor company raised $540 million and ended its 12-year control of the Japanese brand.

A spokeswoman for Mazda, Yukari Hara, said, in a press conference during which the sell-off was announced, "Essentially what this means is that Mazda is a Japanese company again."

Mazda removed three Ford executives from its board and CEO Hisakazu Imaki named Takashi Yamonouchi to succeed him on November 19. Imaki will become chairman of the company.

Ford is not alone in divesting itself of stakes in Japanese partner companies in a bid to raise much-needed operating funds. General Motors has given up its share of Suzuki, about 3 percent, to generate an extra $230 million.

In an issued statement, Ford CEO Alan Mulally said, "This agreement allows Ford to raise capital that will help fund our product-led transformation, and at the same time, allows Ford and Mazda to continue our successful strategic relationship in the best interest of both companies."

Echoing his sentiments, Imaki, in his own statement said, "The sale of Mazda shares by our partner, Ford, will not result in any change in Mazda's strategic direction and we will continue to accelerate our product-led brand improvement and cost innovation initiatives."