Tuesday, December 25, 2007

Jay Z no longer president of Island Def Jam

You guys must be wondering why is he leaving such a great label????? Well Jay contract with Island Def Jam ends the end of this year. He was aslo asking for an excessive amount of money in which the Label couldn't give him. Record sales are decreasing and many people are getting laid off so it would be impossible for the label to compensate him with all the money he is asking for. The label and Jay couldn't make an agreement so he decided to resign. Check out what jay-z and LA Reid had to say of his departure:

"I've been incredibly fortunate to have served as president of such a culturally-defining label as Def Jam over the last three years," Hov said via a statement. "During that time, I've had the pleasure of working with many of the world's most dynamic artists and many of the most dedicated and talented executives in the music business today, including [IDJMG Chairman/ CEO] Antonio "L.A." Reid. But now 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 made it clear to us that he feels the time has come to take on different challenges in his life. While we regret his decision to move on, we certainly respect it. Since Jay joined us as President of Def Jam in 2005, we have all benefited from his leadership, sense of spirit and invaluable friendship, "said Reid.
"While he will continue to be one of our signature artists, he will nonetheless be missed in this executive capacity. The entire Island Def Jam family joins me in wishing him the very best in all of his future business endeavors."

Im certain that Jay z has Bigger and better plans for his future , He's an intelligent business man.

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