Hip-Hop mogul Jay-Z made it official on Christmas Eve that he will leave his position as President of Def Jam Records at the end of his term.
He issued a statement announcing that he will step down as president in 2008.
“I’ve been incredibly fortunate to have served as President of such a culturally-defining label as Def Jam over the last three years,” Jay-Z said in a statement. “During that time, I’ve had the pleasure of working with many of the world’s most dynamic artists and many of the most dedicated and talented executives in the music business today, including Antonio “L.A.” Reid. But now it’s time for me to take on new challenges.”
He took over as President of Def Jam in 2005.
Jay-Z will continue running and recording for his Roc-A-Fella imprint, which is distributed by the Island Def Jam Music Group. The mogul is rumored to be making a transition to the urban division of Sony Records with Rick Rubin.
“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,” Jay-Z said.