Beyonce Drops Father as Manager

Beyonce will no longer be managed by her father, Mathew Knowles, her publicist announced Monday.

In a statement issued to The Associated Press, publicist Yvette Noel-Schure made it clear that the two have parted ways strictly "on a business level" and that the decision was mutual.

"He is my father for life and I love my dad dearly," Beyonce said in her own statement. "I am grateful for everything he has taught me."

Knowles also had some loving words for his daughter after the decision was announced. "Business is business and family is family," he said. "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."

Knowles has managed Beyonce since the late '90s, when she first burst onto the scene as a member of the group Destiny's Child. Since then, Beyonce has released three successful solo albums, won 16 Grammy Awards, and appeared in numerous feature films, all under her father's guidance.

Beyonce has yet to announce who her new manager will be, but as the Los Angeles Times reports, rumors that she will be managed by husband Jay-Z's Roc Nation have existed ever since he founded the entertainment company in 2008.