Big Machine Label Group President and CEO Scott Borchetta is set to join 'American Idol,' replacing Jimmy Iovine and former judge Randy Jackson in their roles as in-house mentors.

Contestants on the show's 14th season won't only have the benefit of Borchetta's advice and expertise -- the winner will also be signed to Big Machine, the label responsible for bringing superstar Taylor Swift into the spotlight. BMLG is also home to major country artists like Tim McGraw, Rascal Flatts, Florida Georgia Line, the Band Perry and others.

"There's only one reason I'm doing this: 'American Idol' has proven again and again that it can launch superstars," Borchetta says in a statement. "I believe that working with these young artists the same way we work with new artists at the Big Machine Label Group will help the next American Idol be as prepared as possible to continue the tradition of creating new superstars."

Borchetta joined the show during Hollywood Week after auditions took place in Kansas City, Kan.; Minneapolis, Minn.; Nashville, Tenn.; New Orleans, La.; New York City and San Francisco, Calif.

'American Idol''s 14th season premieres on Jan. 7 on Fox.