Rapper Jay-Z stepping down as Def Jam president

NEW YORK - Universal Music Group have announced that Shawn "Jay-Z" Carter is stepping down as president of its Def Jam Records unit, effective by the end of the year.

Carter has been been president of the storied rap label since 2005 and signed acts including R&B singers Rihanna and Ne-Yo.

Universal said Jay-Z, also a top-selling rap artist, will continue as a recording artist for its Roc-A-Fella/Def Jam label.

Universal Music, a unit of French media and telecommunications group Vivendi, has 30 per cent of the worldwide music market share.

-REUTERS