( CNN ) -- `` The X Factor '' fans may be looking forward to next week 's finals , when a male country singer , a girl band and a female soloist battle it out for a $ 5 million record contract . But the end of season two will be another finale of sorts , as judge L.A. Reid announced Thursday he is leaving the show . No , he did n't say he 's mad at Simon Cowell . As chairman and CEO of Epic Records , Reid is very busy , according to the label , and he needs to turn his full attention to his job . The third season will launch without him . His replacement is yet to be announced . The song contest show has seen some other turnover this year , with Britney Spears and Demi Lovato replacing first season judges Nicole Scherzinger and Paula Abdul . Two new hosts , Khloe Kardashian Odom and Mario Lopez replaced Steve Jones . `` X Factor , '' which runs on Fox , competes for viewers with similar sing-offs - `` American Idol , '' also on Fox , and `` The Voice , '' on NBC . All three have suffered some ratings dips , according to entertainment industry magazine The Hollywood Reporter . They have since doled out millions to lure new stars to judge and host positions to attract more viewers . Reid appeared to enjoy himself at Thursday 's semi-final broadcast , when the country singer he mentored , Tate Stevens , was voted by fans into next week 's finals . `` I ca n't even claim to have been a country music fan , but , you know what , I am now , but more importantly , I am a Tate Stevens fan , '' Reid boisterously exclaimed after embracing the singer in the cowboy hat upon the announcement of his protÃ©gÃ© 's victory . Tate will be joined in `` X Factor '' finals by soloist Carly Rose Sonenclar and girl band Fifth Harmony . Reid had worn a cowboy hat during Wednesday 's show to support Tate . On Thursday it was missing , which set off questions about its whereabouts on social media . `` Someone stole it , '' @ LA_Reid tweeted in reply . He will have to leave the show without taking his hat . Everyone 's a critic : Juggling judges .
NEW : Hollywood Reporter : Song shows have spent millions to net new talent and boost ratings . L.A. Reid is a record executive . He has been in the music business for over 30 years, working with artists like Michael Jackson, Whitney Houston, Madonna, Britney Spears, Christina Aguilera, Usher, Justin Timberlake, etc. Reid coached a country singer most recently on 'The X Factor '