Rapper Jay-Z has yet another job. Antonio 'L.A' Reid, chairman of Island Def Jam Records, announced yesterday that the rapper, whose real name is Shawn Corey Carter, will become president and chief executive of the Def Jam record label.

Although the terms of his contract were not revealed, a source disclosed that he will make between $8 million and $10 million dollars over the course of this three-year contract. His final take will depend on his meeting revenue and market share incentives. He will assume his new job on January 3, 2005. He will replace Kevin Liles, who left in July to become an executive vice president of Warner Music Group.

Jay-Z, who turned 35 on December 4, was just nominated for three Grammys for his most recent release, The Black Album, had talked about retiring from recording and concentrating on other business interests, including Roc-A-Fella Records, of which he is co-founder.

As part of the deal, Def Jam, purchased Roc-A-Fella, the label that includes ten time Grammy nominee Kanye West among its talent. Def Jam had previously owned 50 percent of the label. The sale is reported to have been for $10 million dollars, and had been in negotiation since 1997. However, the sale of the label and Jay-Z's new job were not contingent upon one another.

In a statement, Jay-Z said, 'I have inherited two of the most important brands in hip-hop, Def Jam and Roc-A-Fella.' He also noted that 'this is a giant step for me and the entire artist community.'

Jay-Z takes over the reigns of a label that has signed some of music's biggest name performers. Some of the artists on the Island roster are Mariah Carey, Lionel Richie, Bob Marley, Hoobastank, Bon Jovi, Def Leppard, and Melissa Etheridge.

Although Jay-Z intends to retire from recording, he still owes Def Jam two new albums plus a collection of greatest hits. He is planning on releasing the greatest hits collection next summer.