"I am leaving my second home @YandR_CBS in September," Davidson shared on Twitter. "I've been so blessed to be able to play Ashley Abbott and work with the amazing people on the show and have nothing but gratitude and love for all!"
Yes I am leaving my second home @YandR_CBS in September. Iíve been so blessed to be able to play Ashley Abbott and work with the amazing people on the show and have nothing but gratitude and love for all!!! Time for a little more control over my day to day! ??????— Eileen Davidson (@eileen_davidson) June 27, 2018
Davidson is said to be exiting the top-rated CBS soap because of a desire to spend more time with her family.
"Time for a little more control over my day to day," Davidson added in her tweet along with heart and kiss emoji.
In initially reporting Davidson's exit, Daytime Confidential also cited the show's "no raises policy" as another possible reason that Davidson walked, an apparent nod to claims that the show's production company and distributor, Sony Pictures Television, has taken a hard line on salaries during contract negotiations.
Davidson has been playing the role of Ashley off and on since June 1982. Earlier this year, Davidson took home the Outstanding Lead Actress trophy at the Daytime Emmys.
Fans have already been suggesting that Davidson return to Days of our Lives, which, somewhat ironically, is also produced and distributed by Sony. There's just one rather large problem -- and you can read all about that here.
A spokesperson for The Young and the Restless did not immediately respond to a request for comment. However, the show has a longstanding policy of not commenting on contracts.
What do you think about Davidson's exit from Y&R? We want to hear from you -- and there are many ways you can share your thoughts.