Jay-Z Announces Departure from Def Jam

Jay-Z announced on Monday that he would be stepping down as president of Def Jam records when his contract expires next month. Rumors had previously circulated regarding Jay-Z's deparure, but he had denied them. Island Def Jam chairman and CEO Antonio "LA" Reid released this statement:

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.

Such challenges may include building on his creative legacy. Jay-Z's second post-retirement album, American Gangster, has received universal acclaim, in addition to showing up a numerous "Best of 2007" lists.

Earlier, this month Jay-Z spoke with Billboard regarding the departure rumors and his Grammy nominations. He also gave his take on 360 deals.