Times are changing and the chairs are rotating. Jay-Z said Monday that he will leave his post as president of Universal Music Group’s Def Jam Records label after his contract expires this year.

The rapper, who was named Def Jam president three years ago, said in a statement that it is “time for me to take on new challenges.

He will continue to release his own music through his record label, Roc-A-Fella/Def Jam after his contract expires Dec. 31.

Jay Z took over Def Jam in December 2004 in an incentive deal that was reportedly valued at up to $10 million. (AP)