Grand opening… grand closing. Universal Music Group has announced today that Shawn “Jay-Z” Carter has stepped down from his post as president of Def Jam Records.
The rapper, 38, served as CEO of the historic hip hop label since 2005. He will continue to work as a solo artist under the Roc-A-Fella / Def Jam umbrella, Reuters reports. Universal did not give a reason for his departure.
Last year, the rapper and entrepreneur denied he was leaving his executive seat, telling MTV: "Everything is good. I know there's been some rumors I was leaving Def Jam. I'm not leaving Def Jam. I signed on for three years, so I don't have any plans to move on. I love working with [Island Def Jam Chairman] L.A. [Reid], I love working with [Island President] Steve [Bartels], I love [Universal Chairman and CEO] Doug [Morris]."
Jay-Z’s contract technically ends January 2008. Earlier this month, the New York Daily News released a story speculating the rapper’s time at the label was dwindling. "He wanted big, big money that was way out of sync with the realities of today's record business," an anonymous source told the paper, concerning contractual negotiations between Jay-Z, L.A. Reid, and Doug Morris. Both Reid and Morris are reported to have found Jay’s salary demands “excessive.”
"Everybody knows he's not around the office much,” the source added. “Everybody at Universal loves him, but they can't justify paying him the money he wants when so many people have been laid off."
During his time at the label, Jay-Z was responsible for bringing in several talents, including Ne-Yo, and Rihanna. Following news of his departure, Jay-Z left a statement stating it is “time for me to take new challenges.”
del.icio.us
digg
Furl
Reddit
YahooMyWeb
Comments
1.
InsideHoops says:
view profile
I heard he wanted one hundred bazillion trillion billion kawillion dollars
December 29, 2007 at 1:03 pm
2.
badmotherF says:
view profile
FIRST OF ALL JAY-Z SHOULD'VE NEVER CAME BACK TO BEGIN WITH!!!!!!!!! SECONDLY, HE SHOULD'VE NEVER BEEN RUNNING THE HELMS OF "DEF JAM"!!! THIRDLY, TO RUN LL, COOL J, REDMAN SO ON AND SO FORTH OUTTA THERE ONLY TELLS ME ONE THING. JAY-Z WASN'T THAT DUDE FOR THE POSITION!!
I NEVER LIKED JAY AND STILL DON'T TO THIS DAY!! (oh yeah, I do have my "secretary of hate" membership card on me) SO IF HE LEFT DEF JAM??? HOORAY!!!!!! MAYBE THEY CAN GET SOMEONE IN THERE THAT WILL DO MORE FOR BOTH THE COMPANY AND THE ARTISTS!!!!!!!! CAUSE THE WAY THINGS WERE HANDLED OVER THERE, IT SEEMED LIKE A JAY-Z WAY OR NO WAY!! IF IT WASN'T ANY OF JAY'S MAIN CONCERNS, SH&! JUST DIDN'T GET DONE!!
WE SHOULD THROW A BLOCK PARTY JUST KNOWING THAT WE DON'T HAVE TO ENDURE THIS CON-ARTIST OF A PRESIDENT AT D-JAM ANYMORE!! JAY-Z FEELS AS THOUGH ANYTHING HE DOES HAS TO HAVE A PRICE TAG ON IT!! WELL I'M GLAD THE CATS AT DEF JAM DIDN'T OBLIGATE TO GIVING THE OUTRAGEOUS MONEY JAY-Z WANTED. BECAUSE "HE'S NOT WORTH IT" TRUTH!!! NOW AS FAR AS HIS BUSINESS SAVVY!!! HE'S PURE GENIUS!!
HIS RAPPING (SUCKS REAL BAD) I FEEL THAT HIS OLD NEMESIS (NAS) IS A WAY BETTER RAPPER THAN JAY-Z. (RAKIM) WAY BETTER THAN JAY-Z. I THINK "SLIM SHADY" ROCKS THE MIC BETTER THAN JAY-Z!!! SO, IF IT SOUNDS LIKE I BROUGHT THE "HATERATION" THAN YOU ARE CORRECT!!!
JAY-Z NEEDS TO RETIRE AND JUST OWN THE HOPEFULLY THE NEW "BROOKLYN" NETS!!! BESIDES, I COULD'VE SWORN THAT JAY-Z WAS IN HIS 40'S??? HIS AGE SEEMS TO SHRINK IT SEEMS EVERY SIX MONTHS TO A YEAR!!! HELL, WHEN BIG PIMP'N CAME OUT I THOUGHT HE WAS DAMN NEAR IF NOT 40 THEN?????
JAY-Z NEEDS TO PROBABLY RIDE WITH RICK RUBIN, AND SEE WHAT WILL POP OVER THERE!!! MATTER OF FACT, HE NEEDS TO SEE IF BEYONCE IS TRYING TO BE HIS BABY MAMA SOMETIME SOON CAUSE "FATHER TIME" IS STARTING SHOW HIS FACE !!! HE MIGHT NOT BE ABLE TO KEEP UP WITH SUCH A YOUNG THOROUGHBRED AS "BEYONCE"
December 26, 2007 at 12:14 pm