The Young and the Restless has pared another actor from its roster. The latest casualty of the top-rated soap's budget-trimming is John Driscoll (Phillip "Chance" Chancellor IV).

When Y&R announced that Driscoll would be joining the cast in July 2009, it was done with great fanfare. Phillip IV hadn't been seen on-screen in eight years and the story ideas seemed endless. As for Driscoll, the actor had come off a very successful four-and-a-half year run on Guiding Light, and he was regarded as not only a good actor, but also an all-around good guy.

Moreover, a published report claimed that Driscoll's Y&R audition was so good, that it actually made the show's casting director cry. Driscoll, however, said that he didn't initially feel that his audition went well.

"It didn't feel like I knocked it out of the park," Driscoll revealed during an appearance on Soap Central Live. "After five audition attempts and, let me be honest, the first time I auditioned for them via tape, they said no. It's hard to audition for something and really get a feel for it when you're 3,000 miles away. But when I met [them] in person, we really hit it off."

However, despite the stellar audition, the character never seemed to gain traction in story or with viewers. Now, just a year after he made his debut, Driscoll is out.

As previously mentioned, before landing in Genoa City, Driscoll appeared for nearly five year as Coop Bradshaw on Guiding Light. In early 2009, Driscoll, who was very popular among the GL cast and crew, made a high-profile, storyline-dictated exit from Guiding Light.

A final airdate for Driscoll has not yet been announced, but Soap Central has learned that it will more than likely be in mid-September.