Jay-Z to Head Def Jam

Jay-Z has been named president and CEO of Def Jam Recordings. Born Shawn Carter, the Grammy-winning Jay-Z has sold tens of millions of albums as a recording artist and succeeded as a businessman with his own Roc-A-Fella Records.

"After ten years of successfully running Roc-A-Fella, Shawn has proven himself to be an astute businessman," said Island Def Jam Music Group Chairman (and Jay-Z's new boss) Antonio "LA" Reid in a statement. "I can think of no one more relevant and credible in the hip-hop community to build upon Def Jam's fantastic legacy and move the company into its next groundbreaking era."

Since announcing his retirement as an artist last year with the release of The Black Album, Jay-Z has stayed busy, most recently with the release of Collision Course a mash-up album with Linkin Park that debuted at Number One this week. Earlier this year, he released Unfinished Business, a joint album with R. Kelly, and embarked on a famously ill-fated tour with the R&B crooner, which ended abruptly in October at Madison Square Garden amid a flurry of lawsuits.

"I have inherited two of the most important brands in hip-hop, Def Jam and Roc-A-Fella," Mr. Carter said in the statement. "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."

The retired rapper will continue to run his Roc-A-Fella label, which was recently purchased by Island Def Jam.