R&B superstar Beyonce Knowles and her father announced Tuesday that he’ll no longer be her manager, People magazine reported.

“Business is business and family is family,” Mathew Knowles said in a statement carried by the celebrity news magazine. “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.”

Beyonce, a multiple Grammy winning artist married to rapper Jay-Z, said she was “grateful for everything he has taught me.”

“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,” she said in a statement reported by People.

“He is my father for life and I love my dad dearly,” her statement continued.

The identity of the new manager was not immediately clear. Beyonce topped rivals Britney Spears, Lady Gaga and Madonna last year with earnings estimated at some 87 million dollars.