After three years and a truckload of platinum albums, the Carter administration has finally come to an end. Jay-Z (born Shawn Carter) recently announced his decision to step down as Def Jam president, following a series of failed negotiations. Jay-Z's contract at Def Jam expired, and sources close to the label said he was hoping to renew with bigger financial benefits. Under his old contract, his salary was in the range of $10 million if he met certain financial benchmarks. Having failed to reach a compromise with the label, Mr. Carter decided it was time to go seek greener pastures elsewhere.

"Now it's time for me to take on new challenges," said Jay-Z in a statement. "I am pleased to have had the opportunity to build upon the Def Jam legacy."

CEO of Island Def Jam Music Group, Antonio "L.A." Reid, said: "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." He added: "While he will continue to be one of our signature artists, he will nonetheless be missed in this executive capacity."

Last week, Jay-Z announced that he has one album left under his Def Jam contract as an artist. As Def Jam prez, Jay-Z helped fuel the success of artists like Rihanna, Ne-Yo, Kanye West, and Young Jeezy.