Jay-Z Quit President of Def Jam

Not too long after releasing his new album American Gangster, a shocking news was announced.

Hip Hop entrepreneur Shawn Carter, better known as Jay-Z officially announced that he will be stepping down from his post as President of Def Jam Recordings. According to New York Times, his contract with Universal Music is expiring and both parties couldn't agree on a more lucrative term requested by Jay-Z. However, the rap superstar will still be an artist of Def Jam until his contract is over.

"It's time for me to take on new challenges," he commented in a statement.

Read on here.

sir gila k. says...."Mr. Carter, we will follow wherever you go..."