Jay-Z Will Step Down As Def Jam Prez

Rap mogul, Jay-Z will step down as Def Jam Records president when his contract expires this year, he and Universal Music Group announced today (Dec. 24). The rapper will continue to record for Roc-A-Fella, the label he co-founded in 1996, which is part of the Universal-distributed Island Def Jam Music Group.

In a statement announcing his departure, The Jigga acknowledged the artists and executives he had worked with during his three years as label president, including IDJ chairman/CEO Antonio "L.A." Reid.

He added, "It's time for me to take on new challenges. I am pleased to have had the opportunity to build upon the Def Jam legacy, helping to move the company into a new era of artistic success."