Divest (verb)

1. To sell or dispose of (an asset or investment).
2. To remove or strip away (power, authority, etc.).
3. To release oneself from or rid oneself of (an obligation or responsibility).

Origin:

From the latin word divestire, meaning to take off or strip off.

Examples:

1. The company decided to divest itself of its non-core assets.
2. The Board of Directors voted to divest the company of its underperforming subsidiary.
3. The company's CEO was forced to divest himself of his controlling interest in the firm.
4. The government announced plans to divest itself of state-owned assets.
5. The university divested itself of any stocks of fossil fuel companies.