(FROM VARIETY) — Rapper Shawn Carter (a.k.a. Jay-Z) will step down from his position as the president of Def Jam Records at the end of the year, when his contract expires. ”Now it’s time for me to take on new challenges,” said the 38-year-old artist in a statement. The Universal Music Group, which owns Def Jam, has made no announcement of a replacement. Jay-Z has been in the job since 2005. During his tenure, the label has had hits from Kanye West and Rihanna; Jay-Z’s own 2006 album, Kingdom Come, moved 1.5 million units. But Def Jam has also been hit by a general music-business malaise, as seen in the slow sales of Jay-Z’s most recent endeavor, American Gangster, which sold just 784,000 copies. The artist will continue to record for the label and is said to be looking to focus more attention on his other businesses, including the 40/40 Club chain of high-end sports bars. (Variety)
Posted January 1 2008 — 12:00 AM EST
- See how 'Avengers: Age of Ultron' created 'The Twins'
- Nick Jonas passionately lip-synced to ‘Let It Go’ at Demi Lovato’s pre-VMAs concert
- Vin Diesel teases a sequel to 'The Iron Giant'
- J.K. Rowling, Joyce Carol Oates, and more pay tribute to Oliver Sacks
- Box office report: 'Straight Outta Compton' wins again
- Ranking Kanye West's top music videos
- Justin Bieber Spider-Man kisses Britney Spears ... sort of
- Behind Lady Gaga's killer look in 'American Horror Story: Hotel'
- 'American Horror Story: Hotel' First Look: 11 EW exclusive photos
- 17 photos of people you forgot hung out at the VMAs
- 24 Movies With Great Opening Scenes
- 'Survivor: Cambodia—Second Chance' Cast Photos Revealed!
- Demi Lovato, Nicki Minaj, Bill Murray, Bruce Willis and More!