Speedo ends Ryan Lochte sponsorship

Swimwear maker Speedo USA said on Monday it had decided to end its sponsorship of Ryan Lochte, two days after the U.S. Olympic gold medalist swimmer admitted to exaggerating his story about being robbed at gunpoint in Rio de Janeiro.

Another major sponsor, luxury retailer Ralph Lauren Corp , also said it would not be renewing its contract with the swimmer.

Lochte apologized on Saturday in an interview to Brazil’s largest broadcaster, Globo TV. “I wasn’t lying to a certain extent,” he said. “I over-exaggerated what was happening to me.”

Speedo USA said it would donate $50,000 of Lochte’s fee to Save The Children, a global charity partner of Speedo USA’s parent company.

“We cannot condone behavior that is counter to the values this brand has long stood for,” Nottingham, UK-based Speedo’s U.S. unit said in a statement on Monday.

Lochte said in a statement he respected Speedo’s decision.

The 12-time Olympic medalist said he and three team mates were robbed by gunmen early last week, on their way back to the Athletes’ Village from a party. Police denounced this version of events, accusing Lochte and the others of lying.

Ralph Lauren also said its endorsement agreement with Ryan Lochte was specifically for the Rio 2016 Olympic Games. The company had taken down any reference to the gold medalist from its website.

“The current situation in Brazil regarding Ryan Lochte is an ongoing investigation. As such, we will reserve decisions until we have a more complete understanding of the situation,” hair removal company Syneron Candela told Reuters on Sunday.

Syneron Candela named Lochte as global brand ambassador for a product in April.

Lochte’s sponsor, mattress maker Airweave, was not immediately available for comment.