Music industry executive Antonio "L.A." Reid has made the ultimate mark as a successful businessman, forming LaFace Records, which launched the careers of entertainers like Usher, Toni Braxton, TLC and OutKast, among others.

Now the current chairman and CEO of Epic Records is being honored by the 2013 Grammy Foundation with the President's Merit Award due to his many industry accomplishments over the years.

“With his keen ability to foster and guide young artists, Antonio ‘L.A.’ Reid has brought to the world some of the most accomplished and beloved musicians. We are delighted and excited to pay tribute to this luminary who has shaped the contemporary music landscape with his passion, diversity, dedication, and musical judgement,” said Neil Portnow, President/CEO of The Recording Academy.

At Epic, Reid heads a label boasting a lineup that includes Andre 3000, Shakira and Ciara. Since the 1980s, he has composed, arranged and executive produced many hit albums including Toni Braxton's self-titled 'Toni Braxton,' Usher's 'My Way' and Kanye West's 'My Beautiful Dark Twisted Fantasy.'

In other news, the veteran executive, who's held down a spot as a judge on 'The X Factor,' announced that he will be leaving the show to focus on his duties at Epic Records last week.

Clive Davis and the Recording Academy's Pre-Grammy Grammy Gala honoring 'L.A.' Reid and others, will take place Sat., Feb. 9, 2013, at The Beverly Hilton in Beverly Hills, Calif.