Villeneuve, who has left open wheel to pursue a career in NASCAR, said Monday he no longer needed a manager to handle his affairs.
"I'm older, and probably no longer need a manager to perform those duties that Craig has covered so well before," Villeneuve said in a statement. "Now that I'm married, I'm much more reliant on my wife, and more and more I've been working on a lot of that stuff myself."
The two met when Villeneuve was a student and Pollock his teacher at College Beausejour in Switzerland. Pollock began handling Villeneuve's affairs, and was with him during his 1997 Formula One world championship. The two then partnered to form their own F1 team, British American Racing, which ended with both being ousted after several rocky seasons.
Pollock has been with Villeneuve during this transition into NASCAR, but has expressed interest in pursuing business opportunities in Europe, where he is based with his new family.
"We've had a fantastic time together, sharing the highs and lows," Pollock said. "I have always believed in Jacques' driving ability and that will never change. NASCAR is a new challenge and even though I will not be with him, it is my intention to follow his new adventure."
Villeneuve, who is still searching for sponsorship for his Bill Davis Racing entry in NASCAR, said the two would remain friends.
"Craig and I have been good friends for most of my life, and that doesn't just go away," he said. "He has stuck with me through good times and bad, and I have a lot to thank him for."