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Word on the sidewalk is that Def Jam CEO Antonio “L.A.” Reid is on the verge of losing his job at Island/Def Jam and canceled an appearance at the Billboard 2010 Music & Money Symposium, claiming his son was sick in the hospital with a head injury and needed emergency surgery.

Hundreds of top music industry suits paid up to $1,000 each to hear Reid speak at the Billboard 2010 Music & Money Symposium at the St. Regis last week. But hours before the talk, delegates were told that his son was in the hospital with a head injury and needed surgery. Reid has four sons, from 6 to 29 years old, as well as a daughter, 8.

However, sources contradict that story about his son being in the hospital, saying that it is false and Reid didn’t want to speak at the Billboard event because he didn’t want to face inquiries about his uncertain post at Def Jam. Apparently, the folks at the label were very disappointed in the sales figures for Rihanna and Mariah Carey’s latest album and want him out.

via – gossiponthis.com