Rapper Jay Z retires from running record label Def Jam

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Jay-Z made the announcement with Def Jam's parent, Universal Music Group, as his contract was due to be renewed.

According to a source, his shock exit from the role came after Universal, a division of Vivendi, declined to renew the contract under more lucrative terms he sought, according to people briefed on the confidential negotiations.

Under the deal that is expiring, Universal was to pay Jay-Z in the range of $10million (£5million) over the course of the contract, if he hit agreed financial targets.

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Bowing out: Rapper Jay Z is retiring from his job as boss of seminal hip-hop label Def Jam, but will continue his awardwinning music career

Jay Z, real name Shawn Carter said in a statement: "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."

He leaves Def Jam after developing two of the biggest releases of the year - Kanye West's "Graduation" and Rihanna's "Good Girl Gone Bad."

Def Jam artists have been nominated for a total of 26 Grammys at February's ceremonies.

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

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Jay Z, seen here in the summer with girlfriend Beyonce and her nephew Daniel, plans to spend more time on his own business ventures

While his management deal expires at the end of 2007, Jay-Z, whose real name is Shawn Carter, will continue as an artist for Def Jam and its Roc-A-Fella Records unit, the imprint he and former business partner Damon Dash started in 1996 and sold in 2004.

Insiders said that Jay-Z is stepping down from the label, co-founded by mogul Russell Simmons in 1984, because his music career is taking off yet again. Jay Z, 38, was recently nominated for five Grammy awards.

After his previous retirement as an artist in 2003, he returned last year with a platinum-selling comeback, "Kingdom Come," while still president of Def Jam.

Earlier this year, he returned with "American Gangster," a gritty CD inspired by the Denzel Washington and Russell Crowe film of the same name.

Sources say he also wants to dedicate more time to his nightclub, real-estate and sports companies.

He is opening a third outpost of his Chelsea nightclub, the 40/40 Club, in Las Vegas - and sources said he is looking to open another five nightclubs over the next two years and has his eye on spots in Los Angeles, Miami and London.