Reid is stepping down as chairman of Island Def Jam Music Group and will join Cowell on the judging panel of Fox’s new singing contest set to debut this fall. The series is based on Cowell’s hit British show.

In a statement released Friday by Fox, Cowell said Reid was his No. 1 choice. Others reported as possible judges on what Cowell has said will be a four-member panel include Paula Abdul, who teamed with Cowell on Fox’s “American Idol,” and Cheryl Cole of the U.K. “X Factor.”

“The X Factor” is open to solo singers and vocal groups age 12 and up, with auditions starting March 27 in Los Angeles. The winner gets a $5 million record contract.