Jay-Z to step down as Def Jam president

Rap mogul Jay-Z has stunned the music world by announcing his decision to step down as Def Jam Records president in 2008.

The rapper, real name Shawn Carter, retired from making music when he took the executive job in 2005.

He has since returned to the charts, and now plans to release more material once his three-year contract expires in 2008.

In a statement Jay-Z said: "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."

Jay-Z will remain one of Def Jam's top artists.