Big News - They just can't come any bigger such that I have to come out from my dormant state. Jay-Z announced on Monday that he will be stepping down as President of Def-Jam. "Universal Music Group said on Monday that rap artist and hip-hop mogul Shawn "Jay-Z" Carter is stepping down as president of its Def Jam Records unit, effective by the end of the year. Carter, 38, has been president of the rap label since 2005, and has signed acts including R&B singers Rihanna and Ne-Yo. Universal said Carter, a top-selling rapper who performs as Jay-Z, will continue recording for its Roc-A-Fella/Def Jam label. But the company did not give a reason for his decision to quit the executive suite. "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," he added. Carter will focus on his expanding franchise of 40/40 Nightclubs over the next year and other businesses, according to a source familiar with his plans." Via Str8hiphop.