After a three-year spell in the boardroom, Jay-Z has announced his intention to step down as the president of Def Jam records.
The rapper, real name Shawn Carter, aka Hova, who signed acts such as Rihanna and Ne-Yo, as well as Lady Sovereign, to the iconic hip-hop label is to leave his role when his contract expires at the end of this year. He will, however, continue as a Def Jam recording artist.
Announcing his decision in a statement, Jay Z said: "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.
"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."
Reports in the US press have painted a slightly different picture of the split, claiming it was less to do with personal fulfilment and more to do with money. "He wanted big, big money that was way out of sync with the realities of today's record business," one source told New York's Daily News. "Everybody at Universal loves him, but they can't justify paying him the money he wants when so many people have been laid off."
While the music industry, and the rap sector in particular, might be struggling however, the personal career of Jay Z shows no signs of slowing. Tickets for a performance at the Pearl Concert Theater in Las Vegas tomorrow night sold out in an hour.
