CLEVELAND -- The New York Jets have released quarterback Chad Pennington on Thursday in the wake of the team signing future Hall of Fame signal-caller Brett Favre late Wednesday night.

"I appreciate everything Chad Pennington has given to the Jets organization," Jets chairman and CEO Woody Johnson said. "He was a part of my first draft as an owner in 2000 and has exemplified nothing but class both on and off the field. I wish him my very best."

The 6-foot-3, 225-pound Pennington finished his eight-year Jets career with a regular-season record as a starter of 32-29. He ranks first all-time in NFL history in completion percentage at 65.6 percent (1,259-of-1,919).

Pennington, the 18th overall selection in the 2000 NFL Draft out of Marshall University, ranks first in franchise history in all-time passer rating at 88.9. He is fourth in passing yards with 13,738, touchdowns (82), attempts and completions. Pennington also led the Jets to the postseason three times in 2002, 2004 and 2006, winning two playoff games in that span.

"I have all the respect in the world for Chad as a person and a player," said Jets general manager Mike Tannenbaum. "We have accomplished a lot of great things with Chad, including winning playoff games, which is very hard to do. He gave his heart and soul to this organization for a long, long time. I really appreciate everything he has done."