LA Reid is not returning for next season of The X Factor, reports Access Hollywood.

“I have decided that I will not return to ‘The X Factor’ next year,” he told Access’ Shaun Robinson in an exclusive interview. “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.”

LA wants to re-focus his role as the chairman and CEO of Epic Records.

“It was a nice break, it was a nice departure from what I’ve done for the past 20 years, but now I gotta go back to work,” he said.

“I have a huge responsibility to a roster of artists and it’s kind of time for me to stop doing the ‘me’ show,” he said.

Though the announcement seems sudden, LA says he and Simon remain close.

“I love Simon. We have a great relationship, we have fun together, we talk, we laugh, we do bad things, we’re friends. I owe so much to Simon,” L.A. said. “I really have a lot [of] respect for him and I always will. I support him, I support the show and I’ll always be in business with him.”

Britney may be in a similar position; news already hit she’s working on her next studio album, and the contract she signed was a one year deal.

From Billboard: “It’s likely Cowell will not only need to hire a replacement for Reid, but also one for Britney Spears, who only signed a one-season deal. Cowell has said that the $5 million prize, which will be given out on Dec. 20, is likely to be reduced.”

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