Jay-Z has officially severed ties with Def Jam Records.

In an interview with RapRadar.com, the artist confirmed reports that he has ended his relationship with the record company where he made most of his biggest hits and went from rap artist to president.

“I can honestly say, working with Doug Morris and LA Reid has been a unique and fulfilling experience and I respect them immensely,” Jay-Z says. “I’ve been in the family for almost my entire career. Doug and I spoke directly and had one of the most unique ‘negotiations’ ever. Doug won the toss but, we both won in the end.”

Jay added, “I thank him for allowing me to be a completely independent artist. Not every artist can say they own or are given the opportunity to own all of their music.”

Def Jam Executive Vice-President Shakir Stewart has committed suicide in Atlanta.

Stewart’s body was found in the bathroom of his home with a self-inflicted gunshot wound around 4 p.m. Saturday, Cobb County Police spokeswoman Cassie Reece told the Atlanta Journal-Constitution.

The 34-year-old was promoted to the Executive VP post following Jay-Z’s resignation in June.

“L.A. Reid and all of us at Island Def Jam Music Group are deeply saddened by the passing of our dear friend and colleague Shakir Stewart,” read a statement from the label. “Shakir was an amazing man in every sense of the word. A truly incredible friend and father who was an inspiration to not only our artists and employees, but to his family and the many people that had the privilege of counting him as a friend. Our hearts and prayers go out to his family at this very difficult time.”

Public Enemy rapper Chuck D has thrown his hat into the ring to succeed Jay-Z as the president of Def Jam. As an artist under Def Jam from 1987 to 1998, the “conscious rapper” gave the label some of the biggest hits.

“After 10 years looking on the collapsing of the record industry, and upon hearing the news of Jay-Z stepping down from Def Jam, I would throw my name into the hat of somebody who understands how the hell Universal should establish the name-brands they acquire with stockholders money,” Chuck D told AllHipHop.com.

“So instead of me running for politics, this is an easier run into the world of influential culture,” he said. “I’m in Los Angeles, Atlanta and New York on the regular as well as I [thoroughly understand] the international picture. There would be some seismic changes, and I would be a little Huey Long-ish at it. If folks are clueless about this parallel that’s precisely the problem.”

Chuck D offered the following plan of attack if appointed Def Jam President:

1) Being ahead of the technology curve; preparing for a thinned out industry; and managing budget efficient acts is very noteworthy of my resume which is simple. I told these cats the online revolution was coming and they needed big adjustments. They relied on lawyers, courts, and accountants only to now look upward at Apple, etc.

4) Any criminal mindedness in artistry, and management would have sit this one out, go their own way. It’s like bad apples the long run ain’t got nothing to do with entertainment. You can’t mix the stage and off stage parodies.

Universal Music Group announced on Monday that Shawn “Jay-Z” Carter is stepping down as president of its Def Jam Records unit, effective by the end of the year.

“Jay made it clear to us that he feels the time has come to take on different challenges in his life. While we regret his decision to move on, we certainly respect it,” said Antonio ‘L.A.’ Reid,” chairman of Island Def Jam.

Nas is clashing with Def Jam over his plans to drop his controversially-titled new album NIGGA in December. The label claims it does not have any of the rapper’s new material scheduled for release this year. Nas announced his intentions to test race issues with the new album during a Friday night show at New York’s Roseland Ballroom.

A source close to label CEO Antonio ‘L.A.’ Reid tells FoxNews.com: “There is no album release by Nas on the release schedule at this point. “And they would be unlikely to release an album with that title. How would that look at Wal-Mart?”

LL Cool J is continuing to accuse Jay-Z of not doing his job properly as the HNIC of Def Jam Records. LL is criticizing Jay for not promoting artists projects.

But LL claimed that Jay-Z has not been treating him correctly, telling MTV: “Nobody is getting promoted the way they should be promoted.”

“They are calling around to radio stations telling them not to play my records.”

The veteran rapper was also seen on a recent YouTube clip complaining about how Jay-Z should have been concentrating on his job as president of the company, as opposed to working on a 50 Cent remix.

“When you doing that verse, you should have been doing your job, B. See?”

LL is currently working on his next album Exit 13 under producer 50 Cent.

Following months of speculation, celebrity informants report that Jay-Z will leave as the head of Def Jam at the September end of his contract to sign a lucrative deal with Columbia Records. There is speculation that Jermaine Dupri’s February implant as head of Island Urban may have prompted Jay’s departure.

“There isn’t room for two kings at one label,” says a mole. “Why would Island bring in another power-hitter urban guy?”

“He’s creating a supergroup of staff,” according to a second spywitness. “So it would make sense that he would want Jay on his side.”