Jay-Z to step-down as Def Jam president

Hip Hop mogul Jay-Z is reportedly stepping down as president of Def Jam, effective January 1.

According to reports, the 'Bonnie & Clyde' hitmaker - who took over the reins at the famed hip-hop factory in 2005, shortly after he announced his brief retirement from recording, said that he's stepping down from the role to "take on new challenges."

During his two-year tenure at Def Jam - Jay-Z - real name Shawn Corey Carter , signed the likes of Rihanna and Ne-Yo and has overseen blockbuster releases by himself and Kanye West, eventually realizing he didn't want to be out of the rapping game for good, E Online reports.

Island Def Jam Music Group chairman and CEO Andy said: "While he will continue to be one of our signature artists, he will nonetheless be missed in this executive capacity."