Jay-Z Steps Down As President of Def-Jam

The "Big P.I.M.P." himself, Jay-Z, has decided to step down as president of Def-Jam records at the end of this year. No, it's not a scandal that's forcing him to move on from the post he's held since 2005, it's just a thirst for something new. "Now it's time for me to take on new challenges," he said in a statement. "I am pleased to have had the opportunity to build upon the Def Jam legacy." And build he did. In addition to discovering huge artists like Rihanna, Beyonce's man created a ton of other companies that spun off from Roc-A-Fella/Def Jam records. He's got clothing lines, a Reebok sneaker line, and has opened a string of clubs called 40/40.

After he packs up his Def-Jam digs, I'm sure Jay will go on to continue to dominate the music biz. His first stop will be the Grammy Awards -- where he's nominated for five big ones.

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