L.A. Reid is leaving "The X Factor."

The Epic Records chairman will not return as a judge for the reality show's third season, according to various media outlets. "I have decided that I will not return to 'The X Factor' next year," Reid told "Access Hollywood." "I have a company to run that I've kind of neglected."

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He will, however, miss hanging out with fellow judge Simon Cowell, he said. "I love Simon. We have a great relationship," Reid said. "We have fun together, we talk, we laugh, we do bad things, we're friends."

"The X Factor" also stars judges Britney Spears and Demi Lovato. Reid has been a judge on the show for two seasons with Cowell. "Straight Up" singer Paula Abdul and Nicole Scherzinger lasted only one season as judges.

With his chair about to become empty on the Fox show, he offered his suggestion on who should fill the spot.

"You know who I would love to see take it, and by the way I have nothing to do with it, but my choice would be like Jon Bon Jovi," he said. "That's who I would pick."