Following weeks of speculation, Jay-Z announced on Monday afternoon that he will be stepping down from the presidency of Def Jam once his employment contract with Universal Music Group expires.

The NYT’s anonymous sources corroborated earlier reports that Jay wanted a lot of money to continue staying in his position–or at least a deal more lucrative than the one that’s expiring, which could pay Jay as much as $10 million if he hit certain financial targets. Jay-Z still has “one or more” albums left under his other contract with UMG, although rumors that he may cut loose and start a label with Steve Jobs and Beyonce will probably still fly, since nothing makes starved newsmongers’ hearts go pitter-patter like Apple-related rumors.

Jay-Z to Quit His Day Job as President of Def Jam [NYT]