Looks like third time isn't the charm for L.A. Reid, who announced Thursday afternoon (December 13) that he will not return to the judging panel for the third season of "The X Factor."

In a statement obtained by The Hollywood Reporter, the bigwig record executive shared his "utmost respect" for show creator Simon Cowell, saying, "He is the very best, and I have had the opportunity to learn so much from him. Working with him on 'X Factor' has been a once-in-a-lifetime experience."

Reid's departure from the Fox singing competition leaves the industry heavyweight with time to get back to his work as Epic Records chairman, and it sounds like he's content with that. In an interview with "Access Hollywood," Reid explained that his day job was the main reason for leaving the show.

"I have a huge responsibility to a roster of artists, and it's kind of time for me to stop doing the me show and get back to doing the them show," he said. Asked who he would like to see take his seat next year, Reid suggested Jon Bon Jovi.

Credited for the success of superstars like Justin Bieber, Pink and Avril Lavigne, Reid was a no-brainer decision when Cowell announced him as the first judge signed for season one of the show. From the looks of season two, it seems as if Reid will have another artist to add to his résumé, with country mentee [article id="1698842"]Tate Stevens[/article] one of the show's front-runners.

It's the latest shakeup for Cowell's Stateside singing competition, which has seen judge firings, host replacements and not-so-stellar ratings since its transition across the pond. And even though [article id="1696917"]Britney Spears told reporters[/article] she's down for another year of "The X Factor," there has been no official word as to whether she or Demi Lovato will reprise their roles as judges during the 2013 season.

Who would you like to see fill L.A. Reid's seat? Share your suggestions below!