It's official: Jason Thompson is Y&R's new Billy

General Hospital's Jason Thompson will assume the role of Billy Abbott on The Young and the Restless. He'll become the fourth actor since 2014 to play the pivotal role on the CBS series.

After weeks of speculation, the news is now official: Jason Thompson has joined the cast of The Young and the Restless as its new Billy Abbott.

Thompson will assume the role from Burgess Jenkins, who announced last month that he'd "made the difficult decision" to exit the show after 18 months.

"I feel so lucky to have the opportunity to work with Jason again," Y&R's executive producer Jill Farren Phelps, who previously worked in the same capacity at GH, said in a statement. "He's an exceptional actor and a wonderful human being. He will bring so much to the character and we're thrilled to welcome him to The Young and Restless family."

On Twitter, Thompson shared that he is "[e]xcited and grateful for the opportunity" to join The Young and the Restless and "will forever cherish my time at #GH."

In October, Thompson announced on Instagram his decision to leave General Hospital after ten years. Like Jenkins, Thompson called the decision a difficult one to make. During what he called a "long, emotional, exhausting, [and] thrilling" run with the ABC soap, Thompson received five consecutive Daytime Emmy nominations -- three as Supporting Actor and two as Lead Actor.

Thompson becomes the fourth actor in two years to tackle the role of Billy Abbott. Multiple Emmy winner Billy J Miller exited the role in January 2014. He was later replaced by another Emmy winner, David Tom, in February of 2014. Jenkins assumed the role in June 2014.

"Jason Thompson is an incredibly gifted actor and we are thrilled to welcome him," CBS Daytime's Angelica McDaniel remarked. "Playing the pivotal role of Billy Abbott, Jason joins the talented cast of The Young and the Restless as the show celebrates an unprecedented 27 consecutive years as daytime's No. 1 drama."

Thompson will make his Y&R debut on January 14, 2016.

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News of Thompson's addition to the Y&R cast was first reported by Entertainment Weekly.

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