It's just business, Dad. Nothing personal.
Amid rumors that a new single is on the way, Beyonce made the announcement through an official statement that made it clear this change in managerial direction has nothing to do with family drama.
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"He is my father for life and I love my dad dearly," the singer said in a statement quoted by E! Online. Beyonce then acknowledged the impact Matthew had on her career, adding that she and her father are separating only "on a business level."
Matthew shepherded Destiny's Child (he also represented Kelly Rowland) on their way to becoming a multi-platinum selling trio, and guided Beyonce to three blockbuster solo CDs, 16 Grammy awards and an acting career that included a lead role in the hit comedy "Austin Powers in Goldmember," and critically-lauded turns in the Academy Award-winning "Dreamgirls" and "Cadillac Records" (where she played music icon Etta James).