JAY-Z STEPS DOWN FROM DEF JAM

Rapper-turned-record-exec Jay-Z announced Monday (December 24) that he will step down from his post as president and CEO of Def Jam Records.

"It's time for me to take on new challenges," he reportedly said in a statement.

As part of a separate, long-term recording contract, Jay-Z will still remain with Def Jam as an artist, and owes the label one or two more albums, according to The New York Times.

I kinda hate that. I'm a Hov fan.