Jay-Z To Step Down As Def Jam President
December 24, 2007 at 3:56 PM (PT)
As we head into the CHRISTMAS holiday, according to AP, REUTERS and many other sources, SHAWN "JAY-Z" CARTER has announced that he'll step down as President of the UNIVERSAL MUSIC GROUP's DEF JAM label after his contract expires, at the end of the year.
JAY-Z commented, "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." No reason was given for the decision, but JAY-Z will continue to record for his ROC-A-FELLA/DEF JAM label.
ISLAND DEF JAM MUSIC GROUP Chairman & CEO ANTONIO "L.A." REID, expressed regrets about JAY-Z's decision: "While he will continue to be one of our signature artists, he will nonetheless be missed in this executive capacity."
More on this story on WEDNESDAY (12/26).