Pitchfork

Photo by Kyle Gustafson

Though he'll always be President Carter in our hearts, as of December 31, Jay-Z will no longer hold the position of President of Def Jam Recordings, according to various sources. He made the announcement on Christmas Eve; Variety reports that he made the following statement: "Now 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."

According to The New York Times, Jay-Z's Presidential exit was caused by money matters. His current contract expires at the end of 2007, and Universal (Def Jam's parent company) "declined to renew the contract under more lucrative terms he sought."

Although Jigga won't be Def Jam's head honcho anymore, he will still record for the label, and has plenty of other activities to keep him busy. He's one of the owners of the New Jersey Nets basketball team, he oversees the 40/40 nightclub empire, and, of course, he's Beyoncé's boyfriend.

But now that he's quit his main day job, Jay's doing what any good multi-millionaire would do in his first days of freedom: he's going to Vegas, bay-bee. He'll perform at the Pearl at the Palms on December 29.