L.A. Reid has announced that he will be leaving The X Factor at the end of the current season. After two years on the judging panel, the music executive wants to focus on his role as chairman of Epic Records.

"I have decided that I will not return to The X Factor next year," he told Access Hollywood. "I have a company to run that I’ve kind of neglected and it saddens me a little bit, but only a little bit ... I’m not ruling out ever coming back, but I’m definitely not coming back next year."

L.A. Reid was the only judge to survive Simon Cowell's ruthless overhaul of The X Factor panel which saw both Paula Abdul and Nicole Scherzinger given their marching orders at the end of Season 1. Simon has refused to comment on whether Britney or Demi will be returning, fueling rumors that another firing spree could be just around the corner.

While Britney said previously that she would be back for Season 3, sources are saying the she is likely to follow L.A. Reid out the door. With producers under pressure to cut costs, the $15 million salary she commands may prove a little too steep. The singer has failed to deliver the significant surge in ratings that Simon expected her to produce, many believing that this will make her expendable.

Are you sad to see L.A. Reid leaving the show? Do you want Britney to return next season?