How to remove user menu from Panel in Ubuntu

Ubuntu displays your username with a user menu in the Panel. This can be used to switch users. If you do not really require this functionality, then this menu occupies too much space on the Panel.

To remove it, open dconf-editor, navigate to apps.indicator-session and uncheck user-show-menu. Log out and log in to see the change.

Tried with: Ubuntu 12.04.2 LTS