Another X Factor judge has bit the dust.

Record producer and two-time X Factor panelist L.A. Reid has announced that he will not be joining the third season of the popular reality competition. "I have decided that I will not return to The X Factor next year... I have a company to run that I've kind of neglected," the CEO of Epic Records explained.

While he says that he'll only be saddened to leave "a little bit," he does have fond memories of working with the show's creator, Simon Cowell: "I love Simon. We have a great relationship. We have fun together, we talk, we laugh, we do bad things, we're friends."

Reid's departure marks the third judge to leave the show, after Paula Abdul and Nicole Scherzinger exited after the first season. There's no word yet as to who might replace Reid's spot at the judging table.