Jay-Z Quits As Def Jam President

Jay-Z has confirmed rumours that he will step-down as the President of Def Jam, by officially announcing his departure.

The rapper, who also recently released the successful American Gangster album, revealed that after three years he would no longer by head of the influential hip hop label.

His statement reads: "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 Antonio "L.A." Reid. But now it's time for me to take on new challenges."

During his time with Def Jam, Jay-Z signed such notable artusts as Nas, Kanye West, Rihanna and Ne-Yo, all who have achieved mass sales.