Another one of the big 3 is dumping their stocks in other car brands in order to stay afloat. This time it’s Ford will be reducing their 33.4% stake in Mazda to just slightly over 13%. Part of the stake will be bought back by Mazda and the rest by a group of Mazda’s business partners at a price of 184 yen per share. The “business partners” have not been named but some of them are rumoured to be Sumitomo, Itochu, Tokio Marine Holdings and Denso.
“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. We will continue our strategic relationship through our ongoing joint ventures with Ford, as well as the sharing of platforms and powertrains,” says Mazda’s Chairman, President and CEO, Hisakazu Imaki.
What that means is that the Mazda 3 will continue to share platforms and engines with the Ford Focus, the Mazda 2 with the Fiesta, Duratec and MZR will be still be one and the same, and so on.
Hisakazu Imaki will cease to be the President and CEO, with the vacant posts to be taken up by Takashi Yamanouchi who previously held the post of Executive Vice President and Assistant to President in charge of corporate liaison, purchases, HR, admin, secretariat and auditing. David E. Friedman who is currently CFO will be replaced by Kiyoshi Ozaki.
There are also a few other Western names like Daniel Morris, David Stickel and Anthony Pastor who will step down as a result of the reduced Ford shareholding.
Ford wants to sell Mazda to… Mazda?