The star is to become president of a record label. Nice work if you can get it...
JAY-Z has been named president and chief executive office of ISLAND DEF JAM RECORDINGS.
The rap superstar, who recently announced his retirement from performing, will take charge of the Vivendi-Universal hip-hop division. He will have day-to-day control over record production, marketing and talent management, reports The Financial Times.
As part of the arrangement Def Jam has taken full control of Roc-a-Fella Records, owned by Jay-Z and partners Damon Dash and Kareem Burke, for a reported $10 million.
Kanye West, nominated this week for ten Grammy awards, joins the Def Jam roster, along with Memphis Bleek and Beanie Sigel.
Def Jam chairman Antonio ‘LA’ Reid, said he could think of “no one more relevant and credible in the hip-hop community” than Jay-Z build the label further.
He added: “After ten years of successfully running Roc-a-Fella, he has proven himself to be an astute business man, in addition to the brilliant artistic talent the world see and hears.”