After 30 years, Victor Newman will be leaving Genoa City, because Emmy-winning actor Eric Braeden, who plays the role, has chosen to exit following a salary dispute with Sony, the production company that owns the daytime drama.

A rep for Newman tells ET that Braeden's last airdate is November 2, adding that, as of now, salary discussions are at a stand still.

"Contracts that actors sign are not worth the paper they are printed on," Braeden tells ET.

In an interview with TV Guide magazine, Braeden says that it wasn't that he wasn't willing to take a pay cut, as he had previously done so, but his departure is a result of how the matter was handled.

"There is no appreciation of the fact that I've been an important part of the show for 27 years that has been No. 1 in the ratings. That's extraordinary. So to be dealt with in a perfunctory matter as if you had just known these people for a few months is what is most offensive. This is a certain corporate culture now that is very deleterious," he tells the magazine.

Newman isn't the first star of "The Young and the Restless" who has had contract difficulties. Melody Thomas Scott was written out of the show for two months earlier this year before returning.

"The Young and the Restless" airs weekdays on CBS.