Hide username from menu bar

In Mountain Lion, my full name is displayed at the right of the menu bar (between the time and the search icon, to be specific). As it takes a lot of space, I was wondering if there is a way to hide this?

Solution 1:

1. Open System Preferences
2. Select User & Groups
3. Select Login Options (not Login Items)
4. (Click the lock to make changes at the lower left corner of the window)
5. Uncheck "Show fast user switching menu as ...

Solution 2:

You just have to press the Command key while dragging the username out of the menu bar like you would to remove a dock item.

Solution 3:

This is the fast user switching menu, which can be Command + dragged off.

Further settings can be accessed through the users & groups pref pane: