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Jay-Z stepping down as Def Jam president
12/25/2007 2:00 AM, Reuters
Universal Music Group said on Monday
that rap artist and hip-hop mogul Shawn "Jay-Z" Carter is
stepping down as president of its Def Jam Records unit,
effective by the end of the year.
Carter, 38, has been president of the rap label since 2005,
and has signed acts including R&B singers Rihanna and Ne-Yo.
Universal said Carter, a top-selling rapper who performs as
Jay-Z, will continue recording for its Roc-A-Fella/Def Jam
label. But the company did not give a reason for his decision
to quit the executive suite.
"Now it's time for me to take on new challenges," he said
in a statement. "I am pleased to have had the opportunity to
build upon the Def Jam legacy," he added.
Carter will focus on his expanding franchise of 40/40
Nightclubs over the next year and other businesses, according
to a source familiar with his plans.
Carter regularly tops the lists of richest hip-hop moguls,
and was No. 9 on Forbes' Celebrity 100, the annual roster of
the world's most powerful -- and best paid -- celebrities, with
an estimated compensation of $83 million.
Carter, who has said he was a street hustler growing up in
the Marcy public housing project in a tough section of
Brooklyn, New York, has sold millions of records and launched
an array of media and fashion businesses.
Though known for his cutting-edge rap lyrics and
rags-to-riches story, Carter often is mentioned in local gossip
columns because of his romantic relationship with R&B singer
Beyonce Knowles. Last week, he denied rumors that the couple
had married in secret.
The rapper joined Def Jam as president to help turn around
the fortunes of the then-struggling seminal rap label. His move
to management followed his 2003 retirement from recording. His
albums, including "Hard Knock Life" (1998), "The Blueprint"
(2001) and his classic debut "Reasonable Doubt" (1996).
He returned to recording last year with the album "Kingdom
Come" and this year followed up with an album inspired by the
movie "American Gangster."
Def Jam's successes during his tenure as president,
included Rihanna and Ne-Yo, who this month racked up 11 Grammy
nominations between them.
"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," said Antonio
'L.A.' Reid," chairman of Island Def Jam.
Universal Music, a unit of French media and
telecommunications group Vivendi, is the world's largest music
company with 30 percent of the worldwide market share.
Reuters/Nielsen
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