Beyoncé announced yesterday that she will no longer be managed by her father, Matthew Knowles.

“I am grateful for everything he has taught me,” the Grammy-winning superstar said in a statement. “I grew up watching both he and my mother manage and own their own businesses. They were hardworking entrepreneurs and I will continue to follow in their footsteps."

Knowles originally managed Destiny’s Child in the 1990s and went on to represent all three members, including Beyoncé, when the group disbanded. No reason was given for the dissolution of the partnership, which he said in a separate statement was “mutual.” 

"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," he added.

Beyoncé is currently working on her much-anticipated fourth studio album.

Watch Beyoncé perform ‘Ring The Alarm' live at the 2006 MTV VMAs here: