Jay-Z -- artist, producer and entrepreneur -- has been named president and CEO of Def Jam Recordings. He will report directly to Antonio "LA" Reid, chairman of the Island Def Jam Music Group. Based in

Jay-Z -- artist, producer and entrepreneur -- has been named president and CEO of Def Jam Recordings. He will report directly to Antonio "LA" Reid, chairman of the Island Def Jam Music Group. Based in IDJ's New York offices, Jay-Z will officially take his new post on Jan. 3.

Jay-Z (real name: Shawn Carter), will continue to run his record company Roc-a-Fella. IDJ recently bought the remaining 50% stake in the label from Jay-Z and his business partners Damon Dash and Kareem "Biggs" Burke.

Over nearly a decade the Roc-a-Fella brand has spawned other ventures, including the Roca Wear clothing line, films including "Fade to Black" and "State Property," the 40/40 nightclub and a Reebok sneaker line.

"After 10 years of successfully running Roc-a-Fella. Shawn has proven himself to be an astute businessman, in addition to the brilliant artistic talent that the world sees and hears," said 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."

"I have inherited two of the most important brands in hip-hop, Def Jam and Roc-a-Fella," says Jay-Z. "I feel this is a giant step for me and the entire artistic community."

Jay-Z announced his "retirement" as an artist after the release of "The Black Album" (Roc-A-Fella/Def Jam), which debuted at No. 1 on the Billboard 200. But retirement hasn't been easy for the superstar -- as previously reported, his mash-up collaboration "MTV Ultimate Mash-Ups Presents Jay-Z/Linkin Park: Collision Course" (Warner Bros.) debuts at No. 1 on The Billboard 200 this week.

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