Randy Jackson has announced his 'American Idol' retirement. After over a decade spent on the show critiquing contestants, he's bidding farewell to the judges' table after this season.

“To put all of the speculation to the rest, after 12 years of judging on 'American Idol' I have decided it is time to leave,” he said in a statement to E! News.

“I am very proud of how we forever changed television and the music industry," he continued. "It’s been a life changing opportunity but I am looking forward to focusing on my company, Dream Merchant 21 and other business ventures.”

The television personality began his stint as an 'American Idol' judge alongside Paula Abdul and Simon Cowell in 2002, when the show debuted. He has remained on the panel of judges for all 12 seasons.

This news comes after rumors have been circling that Jackson and the other three current judges -- Nicki Minaj, Mariah Carey and Keith Urban -- will be replaced for the 2014 season. Maybe the rumors are more than merely speculation.

In any case, good lucky, Randy Jackson. You'll be missed dawg!

Watch Randy Jackson Announce His 'American Idol' Retirement