Paul Rosenberg has stepped down from his head position as CEO of Def Jam Recordings.

In a post shared to Instagram on Friday (Feb. 21), Rosenberg announced the news, writing, “Lucian offered me a dream opportunity to serve at the helm of Def Jam. The experience I had running one of the greatest, most storied record companies of the modern era was incredible. I will remain forever grateful. I’ve learned a great deal, but one of the most important things I learned is that my ability to multi-task is not without limits.”

Rosenberg, who is Eminem’s manager, will be launching a new label, Goliath Records, which will be a joint venture with Universal Music Group, Billboard reports. He will still work with Def Jam, but as a consultant. Rosenberg will also maintain his position as president of Shady Records, according to XXL.

He added in his statement, “My new relationship with UMG gives me the ability to continue to sign and develop talent in a more focused and streamlined way, while still dedicating the time necessary to fulfill my management duties and foster the many entrepreneurial endeavors connected with Eminem.”

Def Jam has also announced that the label’s Senior Vice President of A&R at UMG Naim McNair “will expand his responsibilities with the added title of Senior Vice President, A&R at Def Jam Recordings, bringing significant experience and creative leadership to the label.”

UMG’s General Counsel and Executive Vice President of Business & Legal Affairs Jeffrey Harleston will oversee Def Jam, as they look for a replacement for Rosenberg.

It was announced on Aug. 3, 2017 that Rosenberg would be heading the company. He then officially took over the role in Jan. 2008. He replaced Steve Bartels who was the president and CEO of Def Jam from 2013 to 2017.

Check out Paul Rosenberg’s Instagram post below.