Rap business bizillionaire Jay-Z is stepping down as president of Def Jam Records after three years on the job.  Z will now have more time to focus on his solo career as well as girlfriend Beyonce.

“Now it’s time for me to take on new challenges,” he said in a statement Monday. “I am pleased to have had the opportunity to build upon the Def Jam legacy.” Not to mention more time with long-time girlfriend Beyoncé.

Jay-Z (real name Shawn Carter), 38, whose contract expires at the end of the year, will continue recording for Roc-A-Fella/Def Jam, Variety reports.

Jay-Z made $204 million dollars last year when he sold his Roca Wear clothing line.  Jay burst onto the rap scene in 1996 with his debut album Reasonable Doubt.  He is also a part-owner of the NBA’s New Jersey Nets.