After months of rumors, Jay-Z will be stepping down as president of Def Jam Records.

According to the Universal Music Group, 38-year-old Jay-Z will officially leave his role as president, effective by the end of the year, the label said Monday (December 24).

While the rapper will continue to record under his Roc-A-Fella imprint, via Def Jam, but his duties as top ranking executive will come to an end.

While there was no specific reason given, Jay said it's just time for him to move on.

"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."

Jay (real name: Shawn Carter) has a lot of other ventures to keep him busy otherwise.

He will be expanding his 40/40 Nightclubs over the next year and other businesses including his business venture with clothing line Artful Dodger and his part ownership of the New Jersey Nets NBA team.

Jay was ranked at no. 9 on Forbes' Celebrity 100 last year, the annual list of the world's most powerful -- and highest paid -- celebrities, with an estimated compensation of $83 million.

During his time as Def Jam president, he signed acts such as Rihanna, Ne-Yo, Foxy Brown, Lady Sovereign and Sam Scarfo, among others.

"Jay made it clear to us that he feels the time has come to take on different challenges in his life," said Island Def Jam chairman, L.A. Reid. "While we regret his decision to move on, we certainly respect it."