Jay-Z to Quit His Day Job as President of Def Jam
After an unusual three-year turn in the corporate suite, Jay-Z, the rap superstar, said Monday that he would step down from his post as president of Def Jam Recordings, one of the world’s best-known record labels.
Jay-Z is not revealing his plans after he leaves Def Jam Recordings, but he will continue to record for the record label.
Jay-Z made the announcement with Def Jam’s parent, Universal Music Group, as his employment contract was expiring. Under a separate long-term recording contract with Def Jam, Jay-Z, whose real name is Shawn Carter, still owes the company one or more albums.

Jay-Z’s exit from the executive role comes after Universal, a division of Vivendi, declined to renew the contract under more lucrative terms he sought, according to people briefed on the talks, who requested anonymity because the negotiations were confidential. Under the deal that is expiring, Universal was to pay Jay-Z in the range of $10 million over the course of the contract, if he hit certain financial targets.

Jay-Z offered no hints at his future plans. “It’s time for me to take on new challenges,” he said in a statement.

This development comes after Island Def Jam gets 31 Grammy nomnations with Kanye West (8 ), Rihanna(6), Ne-yo(5) among others got nods for this years Awards.

http://www.nytimes.com/2007/12/25/business/25music.html?ref=music

Wonder how this will affect him, the dude will obviously be losing cash now but as we know, this uy's a mega entrepreuer

Not a good move for him

I think it will give him more time to concentrate on his own record label, gossip mags said he wanted increase in wages at least for his midas touch but they just left him hanigin.

The dude wanted an unreasonable increase in salary.
Maybe he thought he was working for Microsoft.

He made his mark at Def Jam that cannot be disputed another success story for Jigga man

Whatever!

eldee:

                                     Jay-Z to Quit His Day Job as President of Def Jam
After an unusual three-year turn in the corporate suite, Jay-Z, the rap superstar, said Monday that he would step down from his post as president of Def Jam Recordings, one of the world’s best-known record labels.
Jay-Z is not revealing his plans after he leaves Def Jam Recordings, but he will continue to record for the record label.
Jay-Z made the announcement with Def Jam’s parent, Universal Music Group, as his employment contract was expiring. Under a separate long-term recording contract with Def Jam, Jay-Z, whose real name is Shawn Carter, still owes the company one or more albums.

Jay-Z’s exit from the executive role comes after Universal, a division of Vivendi, declined to renew the contract under more lucrative terms he sought, according to people briefed on the talks, who requested anonymity because the negotiations were confidential. Under the deal that is expiring, Universal was to pay Jay-Z in the range of $10 million over the course of the contract, if he hit certain financial targets.

Jay-Z offered no hints at his future plans. “It’s time for me to take on new challenges,” he said in a statement.

This development comes after Island Def Jam gets 31 Grammy nomnations with Kanye West (8 ), Rihanna(6), Ne-yo(5) among others got nods for this years Awards.

http://www.nytimes.com/2007/12/25/business/25music.html?ref=music

Hmm, let's see what could that be o, that's a hard one o.  Think! think! think! think! think! Ding! I know, it's ACTING! What more could be more challenging for every artist turned actors/actresses?  Ewu!

Acting surely can't be that challenging for Hov, afterall he has acted bout two flicks. I know he wants to go neckdeep into helping his record label get cred. He did it for Def-jam buy being the face main artiste.

I am not sure that dude can act if he could i am sure he would have tried his hands on it a long time ago

Is he gone for real?

well , jay-z is a business man so im sure he knows wat he's doing, but if he is turning down $10 million imagine wat he's turning it down for

The guy has done a lot of work for Def Jam and he deserves that pay i mean 31 grammies say it all this was a Def Jam that was full of artistes that wouldnt drop shit for years ageong rappers over-rated singers and all but Jigga changed all that he performed Blue Magic over there