L.A. Reid not returning to 'X Factor' next season

Veteran music executive L.A. Reid attends "The X-Factor" viewing party at Mixology in Los Angeles. (AP)

L.A. Reid is voting himself off the "The X Factor."

“I have decided that I will not return to ‘The X Factor’ next year,” he told Access Hollywood. “I have to go back and I have a company to run that I’ve kind of neglected and it saddens me a little bit, but only a little bit.”

A representative for Epic Records confirmed Reid's departure on Thursday. Reid is currently the chairman and CEO of Epic, a division of Sony Entertainment.

Reid left his job as chairman and CEO of Island Def Jam Music Group, where he helped launch careers for acts like Rihanna and Justin Bieber. At Epic, his roster includes Sade, Fiona Apple, Karmin, Ciara and "X Factor" season one winner Melanie Amaro.

Reid joined the American version of the show last year along with creator Simon Cowell. This season also boasts Britney Spears and Demi Lovato as judges. Its finale is next week.

The Associated Press contributed to this report.