BREAKING: L.A. Reid Steps Down As Chairman Of Island Def Jam

Looks like the music industry is taking another hit this year. According to Entertainment Weekly music mogul and Chairman of Island Def Jam (well, EX- Chairman) L.A. Reid announced his resignation this morning. The guy responsible for managing megastars Rihanna, Kanye West, and new pop prince Justin Beiber released an official letter to his long-standing staff that followed:

To my Island Def Jam family:

After much consideration, I have decided to leave my position as Chairman of the Island Def Jam Music Group.

I have always thrived on growth and the next great challenge, and I look forward with much enthusiasm to what the future holds.

I am extremely proud of our beautiful roster and all we have accomplished in my seven years with IDJ. We continue to have incredible success together with today’s most phenomenal superstars Rihanna, Justin Bieber, Mariah Carey, Kanye West, Bon Jovi, Jennifer Lopez, Ne-Yo, Rick Ross, The Killers, The-Dream, Chrisette Michele, Jeezy and Ludacris to name a few. I want to thank all of you for your amazing contributions.

With Warm Regards –

The music doesn't stop however for Reid. He's set to join the judging table with Simon Cowell on the American Idol-esque singing competition The X Factor.