After only two years as President of Def Jam Records unit, hip-hop mogul Shawn “Jay-Z” Carter is ready to call it quits. During his short tenure, he signed such greats as R&B singers Rihanna and Ne-Yo.

According to Str8HipHop:

Universal said Carter, a top-selling rapper who performs as Jay-Z, will continue recording for its Roc-A-Fella/Def Jam label. But the company did not give a reason for his decision to quit the executive suite.

“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,” he added.

Carter will focus on his expanding franchise of 40/40 Nightclubs over the next year and other businesses, according to a source familiar with his plans.