Hip-hop mogul Jay-Z is stepping down as president of Def Jam Records at the end of the year. The busy rapper is leaving on good terms after two years, a span in which he signed new stars such as Ne-Yo and Rihanna, E! Online reports. Jay-Z, whose American Gangster CD currently rules the charts, will still record for Def Jam's Roc-a-Fella label.
The rapper, whose real name is Shawn Carter, gave no reason for the departure other than to say he wants to "take on new challenges." He's opening his third 40/40 sports bar this week, and he runs Roc-a-Fella spinoffs in the fashion and film industries. Forbes recently crowned him hip-hop king, with earnings of $34 million last year.