Washington, June 18 : Actor Billy Joel and wife Katie Lee have parted ways after five years of marriage.

A joint statement issued by their representatives confirmed saying, "After nearly five years of marriage Billy Joel & Katie Lee Joel have decided to separate. This decision is a result of much thoughtful consideration. Billy & Katie remain caring friends with admiration and respect for each other," People magazine reports.

The couple had earlier denied reports of their marriage being on the rocks.

The 60-year-old actor had married the 27-year-old chef at his 15-acre waterfront Center Island estate in Long Island. (ANI)