The reason Jay-Z is stepping down as president/CEO of Def Jam records is that it just didn't pay enough. Sources said the hip-hop maverick (real name: Shawn Corey Carter), who just came out with the "American Gangster" soundtrack and part-owns the Spotted Pig, makes more money as an artist and entrepreneur than he does as a record executive. "Jay is focusing on opening five more 40/40 clubs," a source said about Jay's sports club which originated in New York. "He opened Las Vegas on New Year's and up next are LA, Miami, Chicago, London and Houston. He's also looking for hotel space in New York. He wants to open a chic, boutique hotel called The Jay. He just didn't have time to be president of Def Jam." A rep said, "Mr. Carter is still considering several opportunities."

Source: page6