Jay-Z Stepping Down as Def Jam President/CEO

Looks like Jay-Z can loosen up his tie a little more. The iconic-rapper-turned-record-exec announced Monday (December 24) that he will step down from his post as president and CEO of Def Jam Records.

According to The Associated Press, Hov said now was the right time for his exit.

"It’s time for me to take on new challenges," he reportedly said in a statement.

As part of a separate, long-term recording contract, Jay will still remain with Def Jam as an artist, and owes the label one or two more albums, according to The New York Times. In early November, he released his 10th studio album, American Gangster, which was distributed through his own Roc-A-Fella Records via Def Jam.

Three years ago, Jay-Z signed an incentive-based contract to take over the storied hip-hop label, and in 2006, he returned from "retirement" to put out a new album, Kingdom Come. The project was met with mixed reviews but was best known for the controversies that surrounded it. Several artists who were signed to Def Jam voiced their displeasure that the president of the company was busy promoting and supporting his own album rather than helping to market works by other acts on the label.

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