The Jigga's up...and out the door.
Jay-Z will be having lots more time to spend with Beyoncé this New Year's after it was announced Monday that he would be stepping down as president of Def Jam effective Jan. 1.
He took over the reins at the famed hip-hop factory in 2005 shortly after he announced his brief retirement from recording.
During his two-year tenure, Jay-Z has signed the likes of Rihanna and Ne-Yo and overseen blockbuster releases by himself and Kanye West.
Universal Music, the parent of Def Jam, says the rapper will continue to record for the label.
Last month, the 38-year-old rap kingpin, whose real name is Shawn Carter, saw his latest album, American Gangster, open on top of the pop charts. That gave him 10 number one albums in 10 years and tied him with Elvis Presley for the most chart toppers by a solo artist. Hova and Presley trail only the Beatles, who have 19 number one albums.
He is also up for five Grammy Awards, while he helped steer Def Jam to a total of 26 nods.
In August, Jay-Z was tapped as the top Hip-Hop Cash King by Forbes magazine, pocketing $34 million the previous year.
Before taking over at Def Jam, Jay-Z cofounded Roc-A-Fella Records and several spinoff companies, including the Rocawear fashion label, which he has since sold for $204 million.
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