Mathew Knowles, Beyoncé's father and former manager, issued a statement late Monday in the wake of her announcement that he will no longer be managing her career.
"The decision for Beyoncé and Music World Entertainment to part was mutual," he wrote. "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," he continued. "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," he concluded. "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."
Late Monday, Beyonce announced in a statement from her publicist that she and her father have parted ways "on a business level," without citing a reason. Mathew Knowles had managed the singer since the beginning of her career.
"I am grateful for everything he has taught me," Beyonce said in the 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. He is my father for life and I love my dad dearly. I am grateful for everything he has taught me."