BEIJING, Dec. 24 (Xihuanet) — Rapper Shawn “Jay-Z” Carter announced that he will be stepping down from his job as Def Jam’s president when his contract expires at the end of this year, according to Universal Music Group Monday. Universal, a unit of French media and telecommunications group Vivendi, added that although Carter will no longer oversee the label, he will continue recording for its Roc-A-Fella/Def Jam label.
Carter, 38, who has been president of the rap label since 2005, said in a statement “I’ve been incredibly fortunate to have served as President of such a culturally-defining label as Def Jam over the last three years.
“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.
“But now 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.”
Carter regularly tops the lists of richest hip hop moguls, and was No. 9 on Forbes’ Celebrity 100, the annual list of the world’s most powerful and best paid celebrities, with an estimated compensation of 83 million U.S. dollars.
During his tenure as president, Carter signed a number of acts including Ne-Yo and Rihanna, one of the record label’s biggest sellers this year with her hit “Umbrella.”
“Jay made it clear to us that he feels the time has come to take on different challenges in his life. While we regret his decision to move on, we certainly respect it,” said Antonio “L.A.” Reid, chairman and CEO of Island Def Jam Music Group.