So I guess the rumor mill was right this time: Jay-Z has confirmed that he will be leaving his position as the President of Def Jam Records as soon as the clock strikes midnight on January 1, 2008. I’m not sure what endeavors he plans to pursue in the near future, but whatever he ends up doing, I’m sure it’ll be worth it.

“While we regret his decision to move on, we certainly respect it,” L.A. Reid said in a statement. “Since Jay joined us as President of Def Jam in 2005, we have all benefited from his leadership, sense of spirit and invaluable friendship. While he will continue to be one of our signature artists, he will nonetheless be missed in this executive capacity. The entire Island Def Jam family joins me in wishing him the very best in all of his future business endeavors.”

“It’s time for me to take on new challenges,” Shawn “Jay-Z” Carter said in a statement.

This should be interesting…