Jay Z is leaving his post at Def Jam when his contract expires. He says "it is time for me to do other things." 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.
Carter took over Def Jam in December 2004 in an incentive-laden deal that was reportedly valued at up to $10 million. His appointment followed the exit of Lyor Cohen, who departed to be chief executive of Warner Music Group.
Perhaps other artists will benefit from this move. Marketing money will now be plenty! I'm just sayin....
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