The team will evaluate its options for the driver of the No. 22 Sprint Cup Series car in the future while Busch will seek new opportunities with another race team.
"I appreciate the victories that Kurt has brought Penske Racing and our sponsors over the past six years," said Roger Penske. "While I am disappointed that Kurt will not be racing for our team in the future, both Kurt and I felt that separating at this time was best for all parties, including our team and sponsors. I wish Kurt the best in his future racing endeavors."
"I am grateful to Penske Racing for six very productive years," said Busch. "Together we won a lot of races -16 in all. Leaving a great organization and a lucrative contract is not easy, but it's an important step for me and allows me to take a deep breath to work on things that can make me a better driver and a better person. I want to personally thank Roger Penske for the opportunity that he has given me."
Penske Racing is one of the most successful teams in the history of professional sports. Competing in a variety of disciplines, cars owned and prepared by Penske Racing have produced 350 major race wins, 412 pole positions and 23 National Championships.