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X Factor Judge L.A. Reid attends The X Factor Viewing Party Sponsored By Sony X Headphones at Mixology101 & Planet Dailies on December 6, 2012 in Los Angeles. (Michael Buckne/Getty Images)

The X Factor stands to lose a veteran judge with L.A. Reid's planned pullout from the show, the music executive revealed to Access Hollywood late Thursday. 

The successful music executive will not stick around for the third season of FOX's popular music show because he says he's got work to do.

"I have a company to run that I've kind of neglected and it saddens me a little bit, but only a little bit," he told Access, according to USA Today

Reid run's Sony's Epic Records, having stepped down as head of Island Def Jam Music Group last year, said the Associated Press.

The X Factor finale is next week. Watch Reid's interview with Access here: 

http://www.globalpost.com/dispatches/globalpost-blogs/hollyworld/la-reid-quits-x-factor-says-gotta-get-back-work-video