NEW YORK, Dec. 25 (UPI) -- Rap star Jay-Z says he's stepping down as president of U.S. hip-hop record company Def Jam Recordings.
Jay-Z, real name Shawn Carter, announced his departure with Def Jam's parent company, Universal Music Group, as his employment contract was expiring, The New York Times reported Tuesday. Under a separate term recording contract with Def Jam, Jay-Z owes the company at least one more album.
"It's time for me to take on new challenges," the rap artist said in a statement, without a hint of his plans. Jay-Z has business interests that include nightclubs, an investment in the New Jersey Nets and a fashion line.
It was unknown whether Universal would fill the vacancy at Def Jam, located in New York.