diff --git a/README.md b/README.md
index 9a276ceeeda..7dfa2fef808 100644
--- a/README.md
+++ b/README.md
@@ -151,7 +151,7 @@ Note: Upstart/SysV init based OS types are not supported.
   - [rbd-provisioner](https://github.com/kubernetes-incubator/external-storage) v2.1.1-k8s1.11
   - [cert-manager](https://github.com/jetstack/cert-manager) v0.16.1
   - [coredns](https://github.com/coredns/coredns) v1.7.0
-  - [ingress-nginx](https://github.com/kubernetes/ingress-nginx) v0.35.0
+  - [ingress-nginx](https://github.com/kubernetes/ingress-nginx) v0.40.1
 
 Note: The list of validated [docker versions](https://kubernetes.io/docs/setup/production-environment/container-runtimes/#docker) is 1.13.1, 17.03, 17.06, 17.09, 18.06, 18.09 and 19.03. The recommended docker version is 19.03. The kubelet might break on docker's non-standard version numbering (it no longer uses semantic versioning). To ensure auto-updates don't break your cluster look into e.g. yum versionlock plugin or apt pin).
 
diff --git a/roles/download/defaults/main.yml b/roles/download/defaults/main.yml
index ec47e279b37..c4c67173e0f 100644
--- a/roles/download/defaults/main.yml
+++ b/roles/download/defaults/main.yml
@@ -488,7 +488,7 @@ rbd_provisioner_image_tag: "v2.1.1-k8s1.11"
 local_path_provisioner_image_repo: "{{ docker_image_repo }}/rancher/local-path-provisioner"
 local_path_provisioner_image_tag: "v0.0.17"
 ingress_nginx_controller_image_repo: "{{ kube_image_repo }}/ingress-nginx/controller"
-ingress_nginx_controller_image_tag: "v0.35.0"
+ingress_nginx_controller_image_tag: "v0.40.1"
 ingress_ambassador_image_repo: "{{ quay_image_repo }}/datawire/ambassador-operator"
 ingress_ambassador_image_tag: "v1.2.9"
 alb_ingress_image_repo: "{{ docker_image_repo }}/amazon/aws-alb-ingress-controller"
diff --git a/roles/kubernetes-apps/ingress_controller/ingress_nginx/templates/ds-ingress-nginx-controller.yml.j2 b/roles/kubernetes-apps/ingress_controller/ingress_nginx/templates/ds-ingress-nginx-controller.yml.j2
index f0db47bcd5e..8a87f6fec5d 100644
--- a/roles/kubernetes-apps/ingress_controller/ingress_nginx/templates/ds-ingress-nginx-controller.yml.j2
+++ b/roles/kubernetes-apps/ingress_controller/ingress_nginx/templates/ds-ingress-nginx-controller.yml.j2
@@ -77,6 +77,8 @@ spec:
               valueFrom:
                 fieldRef:
                   fieldPath: metadata.namespace
+            - name: LD_PRELOAD
+              value: /usr/local/lib/libmimalloc.so
           ports:
             - name: http
               containerPort: 80