Beyoncé and her father are going their separate ways. The superstar will no longer be managed by her father Mathew Knowles, it was announced yesterday.

The Grammy-winning singer’s publicist released a statement to The Associated Press revealing that Beyoncé and Mathew have split “on a business level.” While they may no longer have a professional relationship, a grateful Beyoncé added,

“He is my father for life and I love my dad dearly.”

Knowles managed his daughter since the start of her career as a member of Destiny’s Child and through her three solo albums. She is currently working on her fourth studio album, but new management has not been announced.

Her Destiny’s Child bandmates Kelly Rowland and Michelle Williams previously split from Knowles to pursue solo careers.

Following Beyoncé’s announcement that her father would no longer manage her career, Mathew Knowles has issued his own statement addressing their split. While reflecting on the success he had with the pop superstar, Mathew reiterated that their decision was mutual and that he was proud of his daughter.

Knowles’ record label and management company Music World Entertainment will continue its involvement with Destiny’s Child and focus on its gospel artists as well as teen singer Tiffany Evans.

Read Mathew’s full statement below.

The decision for Beyoncé and Music World Entertainment to part was mutual. We did great things together, and I know that she will continue to conquer new territories in music and entertainment. Currently, I am very focused on the tremendous investment that our record label has made in the gospel/inspirational genre of music and on our supremely talented roster of artists, including Trin-i-tee 5:7, Brian Courtney Wilson, Juanita Bynum, Micah Stampley, Vanessa Bell Armstrong, Pastor Rudy and others.

Music World will continue its partnership with Sony with Destiny’s Child and UK female group From Above, as well as management. We will also continue to develop the Music World family of labels: Music World Country/Compadre, Music World Kids and Music World Music. In Music World’s repositioning it will not continue its label/management role with Columbia/Sony artist Tiffany Evans.

Business is business and family is family. I love my daughter and am very proud of who she is and all that she has achieved. I look forward to her continued great success.