Lance Armstrong Steps Down as Livestrong Leader

Fallout from steroid use allegations prompts cancer survivor to step down from post.
3:00 | 10/17/12

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Transcript for Lance Armstrong Steps Down as Livestrong Leader
This was a day we could not have imagined, back when lance armstrong was the athletic wonder, biking up all those mountains. His battle against cancer. The livestrong bracelet. But now after the mountain of evidence of doping, he is losing sponsors, the leadership of his foundation and his legacy. And here's abc's neal karlinsky. Reporter: Not so long ago, lance armstrong and his partners at nike were making fun of those accusing him. What am I on? I'm on my bike. Due to the seemingly insurmountable evidence that lance armstrong participated in doping and misled nike for more than a decade. Reporter: This from the very company that paid him an estimated $40 million. Nike deciding to sever their contract with lance armstrong is the final death knell in terms of lance as an endorser. Reporter: Armstrong, seen on home video at the '99 tour as a fresh faced budding hero, is now seeing his legend virtually erased. Those iconic yellow wristbands, once worn proudly by people around the world, replaced by mocking cartoons. An armstrong quote has been removed from the olympic training center in colorado. Sponsors anheuser-busch, frs sports drinks, giro and trek all canceled today. Fearing the impact of livestrong, his multimillion dollar cancer foundation, armstrong announced he'll step down. Armstrong himself remains silent and defiant. Still sticking perhaps by one of his most famous quotes -- "pain is temporary. Quitting lasts forever." Reporter: Neal karlinsky, abc news, seattle.

This transcript has been automatically generated and may not be 100% accurate.

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