Jay-Z Stepping Down As Def Jam President

Reuters reports Universal Music Group said on Monday that Jay-Z is stepping down as president of its Def Jam Records unit, effective by the end of the year. “Now it’s time for me to take on new challenges,” the 38-year-old said in a statement. “I am pleased to have had the opportunity to build upon the Def Jam legacy.” A source tells Reuters that Shawn Carter will now focus on his expanding franchise of 40/40 Nightclubs over the next year and other businesses.