Davidson still had three years remaining on his contract.
A couple of things to keep in mind.
First, the Blues recently laid off 20 members of their organization as a result of the ongoing lockout, so it's possible this was a cost-cutting move (Davidson's contract still had somewhere in the neighborhood of $6 million remaining on it), which is something that had been talked about since new owner Tom Stillman bought the team in May.
The other thing to consider: Davidson's name has been connected to other teams, including the Columbus Blue Jackets for a front-office position.
It was reported in June that Davidson actually interviewed with the Blue Jackets during a 30-day window he had to negotiate with other teams around the league when the sale of the Blues was completed. If there is an NHL franchise that could use some fresh ideas and new leadership in their front office, it's definitely the Blue Jackets.
The Blues, with a team that Davidson had a large hand in constructing, are coming off their second-best regular season in clib history with 109 points and a division championship. They lost in the second round of the Western Conference playoffs to the eventual Stanley Cup champion Los Angeles Kings.