Universal Music Group said Monday that rap artist and hip-hop mogul Shawn “Jay-Z” Carter is stepping down as president of its Def Jam Records unit, effective by the end of the year.

Carter, 38, has been president of the rap label since 2005, and has signed acts including R&B singers Rihanna and Ne-Yo.

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.

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