Jay Z Steps Down as President of Def Jam Records

Jay-Z's future in Def Jam was uncertain over the past few months as rumors and speculation ran wild throgh the music industry. However, Jay-Z has now (Dec. 24) announced that he will be stepping down as the president of Def Jam Records. Here is what Jay had to say:

“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 today, including [IDJMG Chairman/ CEO] Antonio “L.A.” Reid. 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.”

Here is L.A. Reid's response to Jay's decision; "While we regret his decision to move on, we certainly respect it. Since Jay joined us as President of Def Jam in 2005, we have all benefited from his leadership, sense of spirit and invaluable friendship. While he will continue to be one of our signature artists, he will nonetheless be missed in this executive capacity. The entire Island Def Jam family joins me in wishing him the very best in all of his future business endeavors.”

Jay-Z took over Def Jam Records in 2005 and Def Jam Records have benifited greatly from his leadership. This year, Jay-Z, Kanye West, Ne-Yo and Rihanna (sorry I don't have any articles on Rihanna yet) have earned 26 grammy nominations in total for 2007. I would like to wish good luck to Jay-Z and all of the Def Jam members. Source