Stepping Down as President of the ROC!

There is word that Jay-Z is stepping down as president of Def-Jam Record unit. It is said to be effective by the end of 2008.

Mr.Carter,38,has been president of Def-Jam since 2005 and has signed some successful artist such as Rihanna and Ne-Yo.

Fans don't think "HOV" will be retiring. He will still be recording and performing. He said "Now its time for me to take on new challenges". He also commented that " I am pleased to have had the opportunity to build upon the Def Jam legacy".

Carter will focus on expanding his franchise the 40/40 nightclub over next year and other businesses as well.

The company gave no reason for his decision to quit the executive suite.