Shawn "Jay Z" Carter is new CEO and President of Def Jam

The Island Def Jam Music Group, a division of Universal Music Group, the world's leading music company, this week announced Grammy Award-winning superstar Shawn "Jay-Z" Carter to President & CEO of Def Jam Recordings. The announcement was made on Monday by Antonio "LA" Reid, Chairman of The Island Def Jam Music Group, to whom Jay-Z reports. 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. The appointment is effective January 3, 2005 and Jay-Z will be based at IDJ's New York headquarters.

"I have inherited two of the most important brands in hip-hop, Def Jam and Roc-A-Fella, said Mr. Carter. LA Reid and the Universal Music Group have given me the opportunity to manage the companies I have contributed to my whole career. I feel this is a giant step for me and the entire artist community."

At Def Jam, where Jay-Z fills a vacant position, he will have day-to-day control over record production, marketing and talent management in one of the most competitive sectors of the music business.

Dash will continue with his various other ventures including his movie production house, Dash Films and Roc-A-Wear Clothing. He is also reportedly in talks with Universal about launching another venture.