After a three-year stint as president of Def Jam Records, hip-hop mogul Jay-Z is stepping down from his post, according to Universal Music Group.

Jay-Z's exit comes after the recording company allegedly refused to adhere to the rapper-turned-suit's contract extension requests, but the mogul insists that it was just time to move on. "Now it's time for me to take on new challenges," Jay-Z said in a statement. "I am pleased to have had the opportunity to build upon the Def Jam legacy."

A legacy indeed. The rap star signed red hot acts such as R&B singer-songwriter Ne-Yo and Barbados native Rihanna during his tenure as head honcho.

Jay-Z joined Def Jam in 2004 after announcing his "retirement," which included not just a retirement party, but a sold-out concert at New York's Madison Square Garden in support of his illustrious career and supposed "last" studio album, 'The Black Album,' and the film 'Fade to Black.'

Jay-Z, who's released 10 studio albums and won six Grammys, is expected to continue his contract with Def Jam as a recording artist. His latest release, the conceptual album 'American Gangster,' has sold approximately 784,000 copies worldwide. Read the full story.