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Shawn “Jay-Z” Carter said Monday that he will leave his post as president of Universal Music Group’s Def Jam Records label after his contract expires this year.

The rapper, who was named Def Jam president three years ago, said in a statement that it is “time for me to take on new challenges.”

He will continue to release his own music through his record label, Roc-A-Fella/Def Jam after his contract expires Dec. 31.

Antonio “L.A.” Reid, chairman and CEO of Island Def Jam Music Group, said the label regrets Carter’s decision to move on.

“While he will continue to be one of our signature artists, he will nonetheless be missed in this executive capacity,” Reid said in a statement.



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