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Monday, December 24, 2007
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On the heels of 31 Grammy nods, Jay Z has decided to step down from his post as President of Def Jam. Rumors have been all over the place on whether or not he would stay after his contracted ended including extravagant demands [errr money] by Jay...

Well it looks like he's out...
In a statement announcing his departure, Jay-Z acknowledged the artists and executives he had worked with during his three years as label president, including IDJ chairman/CEO Antonio "L.A." Reid.

He added, "It's time for me to take on new challenges. 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."

Reid stated, "Jay made it clear to us that he feels the time has come to take on different challenges in his life. While we regret his decision to move on, we certainly respect it ... While he will continue to be one of our signature artists, he will nonetheless be missed in this executive capacity." [SOURCE]