diff --git a/CHANGES.md b/CHANGES.md
index bab31cd29..11f98e170 100644
--- a/CHANGES.md
+++ b/CHANGES.md
@@ -1,5 +1,12 @@
 # Release Notes
 
+## 2.77.1
+
+This release fixes a very old bug where the Pex PEX (or any other PEX created with
+`--no-strip-pex-env`) would, in fact, strip `PEX_PYTHON` and `PEX_PYTHON_PATH`.
+
+* Fix `PEX_PYTHON{,_PATH}` stripping on Pex re-exec. (#3063)
+
 ## 2.77.0
 
 This release has no fixes or new features per-se, but just changes the set of distributions that
diff --git a/pex/pex.py b/pex/pex.py
index 2a86c3ca5..287b32876 100644
--- a/pex/pex.py
+++ b/pex/pex.py
@@ -149,11 +149,12 @@ class InvalidEntryPoint(Error):
 
     @classmethod
     def _clean_environment(cls, env=None, strip_pex_env=True):
+        if not strip_pex_env:
+            return
         env = env or os.environ
-        if strip_pex_env:
-            for key in list(env):
-                if key.startswith("PEX_"):
-                    del env[key]
+        for key in list(env):
+            if key and key.startswith("PEX_"):
+                del env[key]
 
     def __init__(
         self,
@@ -838,7 +839,7 @@ def run(self, args=(), with_chroot=False, blocking=True, setsid=False, env=None,
             env = env.copy()
         else:
             env = os.environ.copy()
-            self._clean_environment(env=env)
+            self._clean_environment(env=env, strip_pex_env=self._pex_info.strip_pex_env)
 
         kwargs = dict(subprocess_daemon_kwargs() if setsid else {}, **kwargs)
 
diff --git a/pex/pex_bootstrapper.py b/pex/pex_bootstrapper.py
index 8b92ae3ae..35dfbb69d 100644
--- a/pex/pex_bootstrapper.py
+++ b/pex/pex_bootstrapper.py
@@ -401,9 +401,6 @@ def maybe_reexec_pex(
     except UnsatisfiableInterpreterConstraintsError as e:
         die(str(e))
 
-    os.environ.pop("PEX_PYTHON", None)
-    os.environ.pop("PEX_PYTHON_PATH", None)
-
     if interpreter_test.pex_info.inherit_path == InheritPath.FALSE:
         # Now that we've found a compatible Python interpreter, make sure we resolve out of any
         # virtual environments it may be contained in since virtual environments created with
diff --git a/pex/version.py b/pex/version.py
index 9b1e2e40a..ab71a37e4 100644
--- a/pex/version.py
+++ b/pex/version.py
@@ -1,4 +1,4 @@
 # Copyright 2015 Pex project contributors.
 # Licensed under the Apache License, Version 2.0 (see LICENSE).
 
-__version__ = "2.77.0"
+__version__ = "2.77.1"
diff --git a/tests/integration/test_issue_1075.py b/tests/integration/test_issue_1075.py
new file mode 100644
index 000000000..286b97b71
--- /dev/null
+++ b/tests/integration/test_issue_1075.py
@@ -0,0 +1,59 @@
+# Copyright 2026 Pex project contributors.
+# Licensed under the Apache License, Version 2.0 (see LICENSE).
+
+from __future__ import absolute_import
+
+import os.path
+import subprocess
+
+from pex.interpreter import PythonInterpreter
+from pex.os import is_exe
+from pex.venv.virtualenv import Virtualenv
+from testing import make_env
+from testing.pytest_utils.tmp import Tempdir
+
+
+def test_pex_pex_pex_python_path(
+    tmpdir,  # type: Tempdir
+    py310,  # type: PythonInterpreter
+    py311,  # type: PythonInterpreter
+):
+    # type: (...) -> None
+
+    dist_dir = tmpdir.join("dist")
+
+    # The package command can be slow to run which locks up uv; so we just ensure a synced
+    # uv venv (fast), then run the dev-cmd console script directly to avoid uv lock
+    # timeouts in CI.
+    subprocess.check_call(args=["uv", "sync", "--frozen"])
+    subprocess.check_call(
+        args=[Virtualenv(".venv").bin_path("dev-cmd"), "package", "--", "--dist-dir", dist_dir]
+    )
+    pex_pex = os.path.join(dist_dir, "pex")
+    assert is_exe(pex_pex)
+
+    def assert_python_selected(
+        expected_python,  # type: str
+        **env  # type: str
+    ):
+        # type: (...) -> None
+
+        assert (
+            os.path.realpath(expected_python)
+            == subprocess.check_output(
+                args=[
+                    pex_pex,
+                    "--interpreter-constraint",
+                    ">=3.10,<3.12",
+                    "--",
+                    "-c",
+                    "import sys, os; print(os.path.realpath(sys.executable))",
+                ],
+                env=make_env(**env),
+            )
+            .decode("utf-8")
+            .strip()
+        )
+
+    assert_python_selected(py310.binary, PEX_PYTHON_PATH=py310.binary)
+    assert_python_selected(py311.binary, PEX_PYTHON_PATH=py311.binary)