Antonio “L.A.” Reid has officially been named Chairman of the Island Def Jam Music Group.Reid will start his new job effective February 12.The move comes on the heels of Lyor Cohen vacating the top spot for Warner Music Group and president Kevin Liles resigning after contract negotiations stalled.Reid left Arista last month, coming under scrutiny allegedly for his free spending ways.Despite huge successes with Outkast, Pink and Avril Lavigne, Arista posted losses in excess of $100 million dollars.Reid is known for his keen eye for spotting and developing talent.Under his LaFace label, such acts as Goodie Mob, TLC, Usher and Toni Braxton flourished.Sean “P. Diddy” Combs credits Reid for bringing his Bad Boy label to Arista.