diff --git a/CHANGES.txt b/CHANGES.txt
index 0cc540b95..b564e786c 100644
--- a/CHANGES.txt
+++ b/CHANGES.txt
@@ -2,6 +2,30 @@
 Pyface Changelog
 ================
 
+Release 7.4.1
+=============
+
+Highlights of this release
+--------------------------
+
+This is a bugfix release that fixes an issue that was causing memory
+corruption and occasional segfaults when using the new ArrayImage and
+PILImage classes on Windows with PySide2.
+
+Detailed changes
+----------------
+
+Thanks to:
+
+* Mark Dickinson
+* Rahul Poruri
+* Corran Webster
+* John Wiggins
+
+Fixes
+
+* fix segfaults and memory corruption from dropped QImage references (#1108)
+
 Release 7.4.0
 =============
 
diff --git a/setup.py b/setup.py
index d7d3eca4e..ffcefae26 100644
--- a/setup.py
+++ b/setup.py
@@ -24,7 +24,7 @@
 MINOR = 4
 MICRO = 1
 PRERELEASE = ""
-IS_RELEASED = False
+IS_RELEASED = True
 
 # If this file is part of a Git export (for example created with "git archive",
 # or downloaded from GitHub), ARCHIVE_COMMIT_HASH gives the full hash of the