A dissident band of shareholders took control of Sallie Mae’s board Thursday and investors voted to sever ties to the government.

Ending a bitter battle over the future of the newly privatized company, the student loan marketer’s management conceded to the dissidents after they won a majority of votes at a special shareholders’ meeting.

“It is my wish that the transition be amicable, cordial and cooperative,” Sallie Mae Chairman William Arceneaux told the gathering after announcing the votes.

The rebellious shareholders said Thursday that, based on a preliminary count, their slate of directors won 25 million votes as opposed to 18 million for management’s slate.

“Clearly our ideas prevailed,” said Sallie Mae director Albert Lord, who led the dissidents.