Popular rapper Jay-Z announced on Monday that he would step down from his position as Def Jam Recordings’ president. The announcement came just days before his employment contract expires. Despite the fact he leaves Universal Music Group’s subsidiary, Jay-Z still owes the company one or more albums, according to a separate long-term recording contract.

According to anonymous sources, Jay-Z, whose real name is Shawn Carter, seems to have decided to leave Def Jam Recordings after Universal Music Group, a division of Vivendi, had declined to renew his contract under more lucrative terms he sought. However, under the deal that is to expire, Universal was to pay the rapper about $10 million over the course of the contract, if he hit specific financial targets.

Jay-Z did not mention what his future plans are; he simply stated that “It’s time for me to take on new challenges.”

Jay-Z is already one of the music industry’s most popular and rich players, as he expanded his business towards night clubs, a personal fashion line and his own music label, Roc-a-Fella Records.

Universal Music Group brought Jay-Z as an executive for its Def Jam Recordings, so that the label could borrow some of the popular rapper’s credibility for itself. However, under Jay-Z’s leadership Def Jam Recordings scored mix achievements; the rapper himself launched an album (Kingdom Come) that sold only about 1.5 million copies, which was an underwhelming figure for him.