Jay-Z stirred things up on Christmas Eve by announcing he will no longer be the President of Def Jam after the year ends. With an expiring contract, Jay-Z sought more lucrative terms, and Def Jam decided to pass. The Carter is still under recording contract with Def Jam, but no longer will run the show. Jay-Z plans on taking on new challenges and he’s got the Nets and the 40/40 empire to attend to. Plus, isn’t he building a building in NoLibs or something? Someone confirm that for us. We’re not NoLibs savvy. Souf Philly and Norfeast ’til def. But, with some smash hits during his tenure, there’s been plenty of commercial not-living-ups (we wouldn’t necessarily call them failures) including two of his own albums under his regime. No word yet on who will take Hov’s place in the board room.

Here’s the NY Times article.