Jay-Z to retire as president of Def Jam Records

Rapper Jay-Z is retiring yet again - but this time to make more music.

Beyonce's boyfriend has admitted being embarrassed at how he has "retired" numerous times from his recording career - just to come back with more records.

Now his latest retirement is just as president of Def Jam Records, with the aim of concentrating more on his own music and personal business deals. "It's time for me to take on new challenges," he said in a written statement.

"I am pleased to have had the opportunity to build upon the Def Jam legacy, helping to move the company into a new era of artistic success."

He exits Def Jam after developing two of the biggest releases of the year - Kanye West's "Graduation" and Rihanna's "Good Girl Gone Bad."

Def Jam artists have been nominated for a total of 26 Grammys at February's ceremonies. "While he will continue to be one of our signature artists, he will nonetheless be missed in this executive capacity," Island Def Jam Chairman/CEO Antonio "L.A." Reid said.

While his management deal expires at the end of 2007, Jay-Z, whose real name is Shawn Carter, will continue as an artist for Def Jam and its Roc-A-Fella Records unit, the imprint he and former business partner Damon Dash started in 1996 and sold in 2004.

Insiders said that Jay-Z is stepping down from the label, co-founded by mogul Russell Simmons in 1984, because his music career is taking off yet again.

Jay-Z, 38, was recently nominated for five Grammy awards. After his previous retirement as an artist in 2003, he returned last year with a platinum-selling comeback, "Kingdom Come," while still president of Def Jam.

Earlier this year, he returned with "American Gangster," a gritty CD inspired by the Denzel Washington and Russell Crowe film of the same name. Insiders say he also wants to dedicate more time to his nightclub, real-estate and sports holdings.

He is opening a third outpost of his Chelsea nightclub, the 40/40 Club, in Las Vegas - and sources said he is looking to open another five nightclubs over the next two years and has his eye on spots in Los Angeles, Miami and London.

The hip-hop entrepreneur also is teaming with real-estate developers Abram and Scott Shnay and Charles Blaichman on a new Chelsea hotel venture dubbed J Hotels. At the same time, Jay-Z is looking to take a more active role as a member of the ownership group in the New Jersey Nets sports team, sources said.

He is also said to be working with hip-hop impresario Steve Stoute on a new advertising and branded entertainment venture.