(CNN) -- Tiger Woods has split from the management company which has helped him become one of the world's wealthiest sportsmen since he joined it at the start of his professional golf career back in 1996. 

The former top-ranked player announced on Monday that he will be staying with his longtime agent Mark Steinberg, who has left IMG after his contract expired. 

"Staying with Mark Steinberg. Total confidence in him," Woods wrote on social networking website Twitter. 

"Excited about the next stage in my professional life. Fond memories of Mark McCormack." 

McCormack founded IMG, one of the world's leading sports management companies, but died in 2003. 

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Woods' endorsements have been handled by Steinberg since 1998, but the golfer's declining fortunes have reportedly led to his agent's departure from IMG. 

Woods has not won a tournament since the end of 2009, and the scandal about his marital infidelities that broke after that resulted in the loss of some lucrative sponsorship deals. 

The 35-year-old has dropped to 15th in the rankings, struggling this year with injuries, but he still earned $70 million in 2010 from his existing deals according to Golf Digest. 

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Sports Business Journal and the New York Times both reported that Woods' reduced earnings meant that IMG could no longer afford Steinberg's salary. 

IMG has instead promoted Guy Kinnings and Robbie Henchman, its senior vice-presidents in Europe and Asia Pacific respectively, to be co-heads of its golf division. 
When Woods started his career?
Tiger Woods has split from the management company which has helped him become one of the world's wealthiest sportsmen since he joined it at the start of his professional golf career back in 1996