Billy Joel & Katie Lee Split

Billy Joel and his third wife, chef/author Katie Lee, are parting ways.

“After nearly five years of marriage, Billy and Katie have decided to separate,” the couple said in a joint statement released by their reps. “This decision is the result of much thought and consideration. Billy and Katie remain caring friends, with admiration and respect for each other.”

Various reports have linked 27-year-old Katie with 36-year-old designer Yigal Azrouel, who has frequently escorted her to events.

“Their decision to separate was absolutely unrelated to Yigal,” Joel‘s spokeswoman, Claire Mercuri told NYDN.