It was the night before Christmas and Jay-Z has decided to leave the house.
Def Jam Records President Shawn Carter better known as the rapper
Jay-Z, announced today that he has chosen not to resume his post when
his contract expires at the end of this year. He will, however,
continue in his capacity as a recording artist for Roc-A-Fella/Def Jam.
Jay-Z co-founded the Roc-A-Fella Records label in 1996.
Negotiations to renew his contract had gone back and forth over the past few months without resolution.
Jay-Z stated: “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 [IDJMG
Chairman/ CEO] Antonio “L.A.” Reid. But now it’s time for me to take on
new challenges. I am pleased to have had the opportunity to build upon
the Def Jam legacy, helping to move the company into a new era of
Commented Reid: “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. Since Jay joined us as
President of Def Jam in 2005, we have all benefited from his
leadership, sense of spirit and invaluable friendship. While he will
continue to be one of our signature artists, he will nonetheless be
missed in this executive capacity. The entire Island Def Jam family
joins me in wishing him the very best in all of his future business