L.A. Reid Leaving The X Factor, Says He Will "Miss" the Show

Another spot is opening up on The X Factor judges table.

After undergoing a major overhaul for the singing competition's current season, L.A. Reid will be exiting the show to devote more time to his day job as chairman of Epic Records, according to The Hollywood Reporter. "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," Reid said in a statement obtained by THR. "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."

Added Reid: "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."

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Reid, 56, was the first judge hired by Cowell in 2011 and was the only judge to remain after Season 1 at which time Paula Abdul and Nicole Scherzinger were both fired.

Although Reid expressed disappointment over having to mentor the over 25 group of singers during this season, his finalist Tate Stevens has been consistently voted into the top two rankings and could very well walk away with the $5 million prize next week when a winner is crowned on Thursday, Dec. 20.

Fox renewed The X Factor for Season 3 back in October. It is unknown if new additions Britney Spears and Demi Lovato will stay on as judges next year. The network declined to comment on Reid's departure.

Will you miss L.A. Reid? Who do you think should replace him on The X Factor?