Jay-Z will be having lots more time to spend with Beyonc� this New Year's, after it was announced Monday that he would be stepping down as president of Def Jam effective Jan. 1.

He took over the reins at the famed hip-hop factory in 2005, shortly after he announced his brief retirement from recording.

In announcing his departure, the 38-year-old hip-hop mogul said in a statement that it was time for him to "take on new challenges." - more on this story