Shawn Jay-Z Carter said Monday he will leave his post as president of Universal Music Group’s Def Jam Records label after his contract expires Dec. 31. The rapper said he will continue to release his own music through his record label, Roc-A-Fella/Def Jam.

His exit from Def Jam has been rumored for months. Many have predicted he would join Rick Rubin at Columbia Records. And in a recent interview with Billboard’s Gail Mitchell, he hinted at developing a new label outside of the Universal Music Group system.

Jay-Z said "It’s really about trying to invest in the future, trying to invest in maybe coming up with a new model. Because going in hard making records with artists and throwing those records into a system that’s flawed is not exciting for me. It’s not the music; people ingest music the same way. It’s just that the model of selling CDs has changed. So doing things the typical way is not in the best interests of anyone and not exciting for me. My whole thing is, how do we invest in the future? If everyone is committed to doing that, then I’m sure there’s a deal to be made."