His manager, Nic Frangos, will concentrate on his other business interests - something he has said he would in years past.
'Nic has helped me to set up an international independent board of directors to advise on my associated business interests,' Els said in his statement.
'He's also established a professional golf management organization so that I could focus on my passion, which is golf.
'I want to thank him for the way in which he has implemented this strategy and I look forward to his friendship in future years.'
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