Jay-Z steps down as president of IDJ

After a couple tumultuous months behind-the-scene in the music biz, Jay-Z announced Monday that he would step down as the president of Island Def Jam Records-and Pete Wentz wept. A replacement has yet to be named, but accoording to NobodySmiling.com, the American Gangster is planning on opening a 5-star hotel in Downtown NYC, tentatively titled the J Hotel. Other than that, we expect Hova to retire sometime in ’08, plan a comeback in ’09 and then go back into retirement in ’10-which is when we expect Jay-Z to work closely with a bunch of really smart engineer and robot peeps in order to clone himself and buy the world.