updated 12/13/2012 AT 7:00 PM ET
•originally published 12/13/2012 AT 7:10 PM ET
“I have decided that I will not return to The X Factor next year,” Reid, who is chairman and CEO of Epic Records, tells Access Hollywood. “I have a company to run that I’ve kind of neglected.”
Of his decision to leave the singing competition, he says, “It saddens me a little bit, but only a little bit.”
One of the things he’s sure to miss is spending so much time with his pal and fellow judge Simon Cowell. “I love Simon. We have a great relationship,” says Reid. “We have fun together, we talk, we laugh, we do bad things, we’re friends.”
Reid has been a judge on the show for two seasons with Cowell. Nicole Scherzinger and Paula Abdul lasted only one season as judges before leaving.