The Hollywood Reporter reports that Epic Records Chairman L.A. Reid is going to be leaving The X Factor to return to his day job to invest renewed energy into developing talent.
Regarding his exit, Reid said today: "I have the utmost respect for Simon Cowell. He is the very best, and I have had the opportunity to learn so much from him. Working with him on X Factor has been a once-in-a-lifetime experience. I'm honored to have sat on the panel with such incredible talent."
Reid was previously the first judge hired for the first season last year by Cowell. He was the only judge to survive the first season which also saw panelists Paula Abdul, Nicole Scherzinger, and host Steve Jones get fired before season two.
Reid was in charge of the over-25's group for season two. Though Reid was reported as initially unhappy with his assignment, his protege Tate Stevens is now one of the front-runners for the $5 million prize during next week's finale.
Reid also stated: "Of course I will miss the show; In my opinion Simon attracts the best talent. But I'm looking forward to getting back to my core business and the responsibility of running Epic Records."
It's not yet official if current judges Britney Spears and Demi Lovato will remain for the next season which has already been greenlit by Fox.