Def Jam Loses Jay-Z

(andPOP) - It looks like it's 'hova' for music legend Jay-Z.

Rap artist and producer Jay-Z, also known as Hova, Young Hove or the luckiest man in the world (see: Beyonce Knowles) has just announced that he will be stepping down as the acting President of Def Jam records effective Jan. 1.

He took on the title position of the production company in 2005, shortly after announcing his retirement from rap, which then turned out to simply be a year long hiatus. As Jay hit the stage again, and released his new album, it seemed that perhaps the 38-year-old self proclaimed "hustla, baby" had bitten off more than he could chew.

However, in his public announcement, Jay told fans that his final bow from Def Jam had little to do with exhaustion or an overcrowded schedule, but rather his search for "new challenges".

"While he will continue to be one of our signature artists, he will nonetheless be missed in this executive capacity," Andy "L.A." Reid, Island Def Jam Music Group chairman and CEO, said in a statement about Jay's departure.

While still in the boss's office, Jay signed many now-familiar faces and voices to the Def Jam label, like Ne-yo and Rihanna. He also had a hand in Kanye West's victorious album "Graduation", and because of that, and many other successes during his time on top, Jay-Z will not be leaving without making his mark.

"As a person who is optimistic about hip-hop, I look at albums like "American Gangster" and Kanye West's "Graduation" as albums that people can emulate, because they were made with nothing but the highest of integrity and passion about putting your all into the music," the rapper said to billboard.com just last week.