The reason behindBeanie Feldstein’s exit from the Broadway revival ofFunny Girlis being clarified in a new joint statement exclusively to PEOPLE from producers and her rep.

After somemissed performancesthroughout her run, including while she tested positive for COVID at one point,the productionand Feldsteinannouncedin mid June that Sept. 25 would be her final bow as Brice. “I gave and will continue to give this show all of me,” she said at the time.

However, this past Sunday, Feldstein said in a statement shared on social media that she will now be leaving July 31. “Once the production decided to take the show in a different direction,” she wrote, “I made the extremely difficult decision to step away sooner than anticipated.”

Hours later, the show tweeted that a new casting announcementwas imminent.

The next day, theFunny Girlproduction revealed thatLea Michele— who memorably performedFunny Girltunes onGleewhen her character Rachel Berry starred in a revival on the series — would betaking over the rolestarting Sept. 6. FellowGleealumJane Lynch, who plays Feldstein’s mom in the Broadway show, will also step down as Tovah Feldshuh fills that role.

George Pimentel/WireImage; Sean Zanni/Patrick McMullan via Getty

Beanie Feldstein, Lea Michele

“A month after that decision, Beanie decided it was best for her to leave on July 31st. The producers were aware of and in support of her decision. The producers and Beanie worked on this together professionally, respectfully and graciously.”

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Bruce Glikas/WireImage

Ramin Karimloo as “Nick Arnstein” and Beanie Feldstein as “Fanny Brice”

Still, a source tells PEOPLE that the decision to bring Michele in as its new star was “a very smart financial decision” forFunny Girl, adding: “You could not overcome the reviews and the lack of the Tony nomination.”

Another insider adds that the show’s mixed critical reception was not reason behind her want for an early exit. “Regardless of how the show was received, Beanie was committed to playing the role through the entirety of her contract,” the source says.

A rep for Michele did not immediately respond to PEOPLE’s request for comment.

Back in November, Michele, 35, commented about Feldstein’sFunny Girlcasting, saying on theLittle Me: Growing Up Broadwaypodcast at the time, “I am so unbelievably excited to seeFunny Girlon Broadway. I cannot wait. I had drinks with [director] Michael [Mayer] the other day, and I just think that Beanie is an incredible choice for the production, and I think it’s going to be so wonderful.”

Michele previously worked with director Mayer when she was on Broadway forSpring Awakening, which just had adocumentary reunionspecial with its cast, streaming on HBO Max.

Reacting to the new casting announcement, Michele wrote on Instagram, “A dream come true is an understatement. I’m so incredibly honored to join this amazing cast and production and return to the stage playing Fanny Brice on Broadway.”

Feldstein has not yet commented about Michele taking on the role after her final bow, but Lynch toldDeadlineTuesday that it was a “really strong idea” to have Michele and Feldshuh both debut together rather than stagger their takeovers. Lynch added that Michele is “just going totake this show and make it her own.”

In her statement, Feldstein called playing Fanny Brice a “lifelong dream of mine” and said “doing so for the last few months has been a great joy and true honor.”

“The people I have had the great joy of bringingFunny Girlto life with every night, both on and off the stage, are all remarkably talented and exceptional humans and I hope you continue to join them on Henry Street after I depart,” she added.

source: people.com