diff --git a/CHANGELOG.md b/CHANGELOG.md
index a84fc140..70d6db10 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -2,9 +2,16 @@
 
 ## Next Version
 
+## 2.40.0
+
 ### Added
 
-- Added support for local Swift packages at the project root #1413 @hiltonc
+- Added support for local Swift packages at the project root by specifying a "" group #1413 @hiltonc
+- Added a custom `shell` to a scheme's pre and post actions #1430 @balazs-vimn
+
+### Changed
+
+- `.xcprivacy` files are now not added to any build phases by default #1464 @yonaskolb
 
 ## 2.39.1
 
diff --git a/Makefile b/Makefile
index 6ee85065..9455463b 100644
--- a/Makefile
+++ b/Makefile
@@ -1,6 +1,6 @@
 TOOL_NAME = XcodeGen
 export EXECUTABLE_NAME = xcodegen
-VERSION = 2.39.1
+VERSION = 2.40.0
 
 PREFIX = /usr/local
 INSTALL_PATH = $(PREFIX)/bin/$(EXECUTABLE_NAME)
diff --git a/README.md b/README.md
index be065539..6cce510c 100644
--- a/README.md
+++ b/README.md
@@ -113,7 +113,7 @@ swift run xcodegen
 Add the following to your Package.swift file's dependencies:
 
 ```swift
-.package(url: "https://github.com/yonaskolb/XcodeGen.git", from: "2.39.1"),
+.package(url: "https://github.com/yonaskolb/XcodeGen.git", from: "2.40.0"),
 ```
 
 And then import wherever needed: `import XcodeGenKit`
diff --git a/Sources/XcodeGen/main.swift b/Sources/XcodeGen/main.swift
index c1fc8e4a..44601720 100644
--- a/Sources/XcodeGen/main.swift
+++ b/Sources/XcodeGen/main.swift
@@ -3,6 +3,6 @@ import ProjectSpec
 import XcodeGenCLI
 import Version
 
-let version = Version("2.39.1")
+let version = Version("2.40.0")
 let cli = XcodeGenCLI(version: version)
 cli.execute()