*Clive Davis and the Recording Academy has announced that exiting “X Factor” judge and Epic Records chairman L.A. Reid will be honored at next year’s annual pre-Grammy gala.

Reid will get the President’s Merit Award in recognition of his “significant contributions to the music industry and the impact his efforts have had on music and the business of music,” according to a press release. Previous recipients have included Herb Alpert and Jerry Moss, Sir Richard Branson, Clive Davis, Ahmet Ertegun, David Geffen, Berry Gordy, Doug Morris and Mo Ostin.

The event will be held on the eve of the Grammys, Saturday, Feb. 9, at the Beverly Hilton Hotel in Beverly Hills, Calif. Performers or additional VIP guests have yet been announced.

The gala will also mark the one-year anniversary of Whitney Houston’s death. Last year’s gathering turned out to be a somber event, as the iconic singer died in her Beverly Hilton Hotel room less than 24 hours before she was scheduled to attend.

Tuesday’s announcement comes just one week after Reid revealed that he would not be returning as a judge for “The X Factor’s” third season, instead investing renewed energy and vigor into his full-time gig of running the Sony music label. “Of course, I will miss the show,” Reid said in a statement. “In my opinion Simon attracts the best talent but I’m looking forward to getting back to my core business and the responsibility of running Epic Records.”