Mike Wallace was named as the driver of the No. 12 Penske Racing Ford after Jeremy Mayfield was released late in the 2001 season.

Wallace had a stormy relationship with Ultra Motorsports in 2001. He finished sixth at Daytona but was out of the car for two races in June. He returned in July but was let out of his contract to drive for Penske.

Wallace's best result in more than 70 previous Winston Cup starts was fifth at Atlanta Motor Speedway while winning more than $1 million in WCS competition.

He owns a trio of Busch Series victories, one of which came at Indianapolis Raceway Park. In 1990, Wallace -- one of three racing brothers with Rusty and Kenny -- won the Mid-America Region championship of the NASCAR Winston Racing Series.