A big part of Red Bull's constructors' downfall was the lack of points-scoring finishes from their second driver, Perez.
2024 proved a massive struggle for the Mexican, who did not register a podium finish after the Chinese Grand Prix back in April, nor a finish inside the top five since the Miami Grand Prix in May.
After Perez announced the news on his social media channels, Red Bull also confirmed that he was being replaced with a follow-up statement.
"Gracias por todo Checo," the statement began, which translates to 'Thank you for everything Checo'.
"After four successful seasons together, Sergio Perez and Oracle Red Bull Racing have reached an agreement to part ways for 2025."
Gracias por todo Checo 💙
After four successful seasons together, Sergio Pérez and Oracle Red Bull Racing have reached an agreement to part ways for 2025. pic.twitter.com/NAZFN87aKi