Influential rap mogul Jay-Z is leaving his post as president of Def Jam Records, Universal Music Group announced today.
The rapper said in a statement that he'll keep churning out music for his record label, Roc-A-Fella/Def Jam. Carter, who was named president of Def Jam three years ago, said "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."
"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 ... While he will continue to be one of our signature artists, he will nonetheless be missed in this executive capacity." Reid said in a statement.
In December 2004, Def Jam bought Roc-A-Fella, the company Jay-Z founded in 1995, and named the hip hop mogul its new president and CEO. He has helped sign popular artists such as Rihanna and Ne-Yo to the label.
Carter took over Def Jam in December 2004 in an incentive-laden deal that was reportedly valued at up to $10 million. His appointment followed the exit of Lyor Cohen, who departed to be chief executive of Warner Music Group.
The rapper said in a statement that he'll keep churning out music for his record label, Roc-A-Fella/Def Jam. Carter, who was named president of Def Jam three years ago, said "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."
"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 ... While he will continue to be one of our signature artists, he will nonetheless be missed in this executive capacity." Reid said in a statement.
In December 2004, Def Jam bought Roc-A-Fella, the company Jay-Z founded in 1995, and named the hip hop mogul its new president and CEO. He has helped sign popular artists such as Rihanna and Ne-Yo to the label.
Carter took over Def Jam in December 2004 in an incentive-laden deal that was reportedly valued at up to $10 million. His appointment followed the exit of Lyor Cohen, who departed to be chief executive of Warner Music Group.
