L.A. Reid has announced that he is leaving X Factor. Reid -- who is the chairman and CEO of Epic Records, told Access Hollywood, "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." He added, "It saddens me a little bit, but only a little bit." Reid said that he is going to miss working with his good friend Simon Cowell. He explained, "I love Simon. We have a great relationship. We have fun together, we talk, we laugh, we do bad things, we're friends." The legendary music exec said that working on the show was "a nice break" from his day job, "but now I've got to go back to work." Reid was a judge on the show for two seasons.