Beyonce Knowles has amicably split with her father as her manager, CNN is reporting.

In a statement released Monday, the Grammy-winning superstar said the following: ""I've only parted ways with my father on a business level. He is my father for life and I love my dad dearly. I am grateful for everything he has taught me."

"The decision for Beyonce 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," added Beyonce's father, Matthew Knowles.

Matthew has been Beyonce's only manager, from the early days of Destiny's Child to her career as a solo singer and actress.

No word yet on who will replace Matthew as Beyonce's manager.

Watch a brief interview with Matthew Knowles below:

[CNN]