Justin Bieber, Ariana Grande's manager Scooter Braun steps back from industry

Industry mogul Scooter Braun announced his retirement from music management business in a bombshell move.

The 42-year-old former manager, who has been associated with A-list artists such as Justin Bieber, Ariana Grande, and Demi Lovato among others, is looking to focus more on his current role as CEO of HYBE America, the South Korean entertainment company.

In a lengthy statement on Instagram, Braun looked back at the eventful 23 years he had been in the industry, watching young artists become megastars and journey into their own lives.

His decision stemmed from his desire to spend more time with family as well as lend his talents to growing South Korean music popularity in the United States.

In the statement, Braun also reflected on the infamous controversy he was embroiled in last summer, when Ariana and Justin were reported to have parted ways with him.

The announcement comes only days after rep of the eternal sunshine artist clarified her partnership with the manager.

"Ariana Grande and HYBE, led by CEO Scooter Braun, look forward to continuing their long-standing business partnership and pursuing creative opportunities in Weverse and REM Beauty," the statement read. "Grande in this new chapter will continue to be managed exclusively by Brandon Creed/Good World Management."

Meanwhile, the Sorry singer has already parted ways with Scooter.