After only two years as President of Def Jam Records unit, hip-hop mogul Shawn “Jay-Z” Carter is ready to call it quits. During his short tenure, he signed such greats as R&B singers Rihanna and Ne-Yo.
According to Str8HipHop:
Universal said Carter, a top-selling rapper who performs as Jay-Z, will continue recording for its Roc-A-Fella/Def Jam label. But the company did not give a reason for his decision to quit the executive suite.
“Now it’s time for me to take on new challenges,” he said in a statement. “I am pleased to have had the opportunity to build upon the Def Jam legacy,” he added.
Carter will focus on his expanding franchise of 40/40 Nightclubs over the next year and other businesses, according to a source familiar with his plans.
Earning an estimated $34 million a year, Jay-Z regularly tops the list of richest hip-hop moguls. It’ll be interesting to see, if this departure as President from Def Jam will affect his earning potential.
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Posted by jbkmo
I have to admit Jay leaving Def Jam will probably be a blow to the company, even if he’s still recording on Roc-A-Fella/Def Jam. The label is a pretty big heavy hitter, and is backed up by the credibility of the lengthy history of Jay himself (not to mention the long history of the label itself). Don’t get me wrong, I don’t like Jay and I never have, but I will give credit where credit is due, and Jay’s definitely made a splash with his time on this label.
Even though it has come a long way through intensely tumultuous times, Jay’s work in the late-90s definitely aided in spreading the popularity of the Def Jam force, so it’s always sad to see a mogul step down from his glorious throne. Hopefully an exec who is as well educated in the industry as he can fill Jay’s shoes. Either way, Jay will still be recording on the label and his name is a household brand, so that’ll at least count for something.
I doubt we will see any lapse in sales, but the new exec will have to be sharp as tacks the way that any exec must be to manage an empire.
-j
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Posted by AllaN
I’m kinda surprised that Jay Z is retiring from Def Jam. JayZ signed Neyo and Rihanna, and they turned out to be very successful. If he’s retired from Def Jam, I hope there’ll still be new R&B talents to be discovered.
All in all, with Jay Z’s current success, I see no reason for him to retire. Even though he’s left Def Jam, he’s still expanding his franchise of night clubs, so it’s safe to say that his career is on course. I wonder when he’ll actually retire, and stop working, cause i’m sure he’s capable. If only I become as successful as he i in the near future.
-AllaN -
Posted by beni
aww, thats sad to hear, oh well. But i think his clubs will do well, if there are 100 000 more people who are excited that they will be going to his new club in NYC this New Years like me, then hes going to make quite a bit in one day, since those tickets were not your average 40$ cover.
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Posted by Pulfic
I don’t think retiring from Def Jam will affect him as much as it will affect Def Jam. He is financially taken care of.
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