The foundation headquarters move to Troy, Michigan. Kresge begins to sell off its 10.2 million shares of S.S. Kresge Co. stock and executes a stock swap valued at more than $20 million with the Ford Foundation for shares of Ford Motor Company stock. The swap allows both foundations to diversify their portfolios and reduce exposure to their respective founder’s industries. This is also in reaction to the 1969 Tax Reform Act. Before the Ford swap and a public offering, the foundation owns 16.6% of S.S. Kresge Co. stock; after the offering it owns 9.3%.