Speedo drops Ryan Lochte, to donate $50K from his fee to charity
— -- Ryan Lochte lost his first endorsement deal on Monday, stemming from the fallout of the events that took place at a Rio gas station last Sunday.
Speedo, which signed Lochte to a 10-year deal in 2006, said in a statement that it would end its relationship with the decorated swimmer who has won 12 Olympic medals, including six golds, while wearing its products.
"While we have enjoyed a winning relationship with Ryan for over a decade and he has been an important member of the Speedo team, we cannot condone behavior that is counter to the values this brand has long stood for," the company said in a statement. "We appreciate his many achievements and hope he moves forward and learns from this experience."
Speedo said it would donate a $50,000 portion of Lochte's endorsement fee to Save The Children, earmarked for Brazilian children.
It is not clear how much time was left on Speedo's deal with Lochte.
Lochte said in a statement to E! News, "I respect Speedo's decision and am grateful for the opportunities that our partnership has afforded me over the years. I am proud of the accomplishments that we have achieved together."
Speedo might not be the only company to drop Lochte. Heading into the Games, he was Ralph Lauren's highest-profile Olympic spokesperson. By the closing ceremony Sunday, Lochte's name was nowhere to be found on the company's Olympian endorser page on the company's website.
Lochte wasn't completely whitewashed from the website. A picture of him modeling a Team USA performance polo remained on Monday. Company officials did not return messages seeking comment.
Lochte has two other deals, one with mattress company Airweave and another with Gentle Hair Removal.
Airweave CEO Motokuni Takaoka said last week in a statement that Lochte "will remain a US ambassador for Airweave as long as our partnership agreement remains effective."
Syneron-Candela, the parent company of Gentle Hair Removal, said last week said that the company would "reserve decisions until we have a more complete understanding of the situation."
Lochte, who admitted he was drunk in the early-morning hours of Aug. 14, destroyed a sign at a gas station. He and the swimmers were then held by security guards with guns at the gas station and released after they paid a fee. Lochte later said in an interview with NBC how the swimmers were robbed at gunpoint, an account which he later called an exaggeration.
When asked by NBC's Matt Lauer if his original version of the story could cost him his endorsements, Lochte answered it could.
"And that's something I'm going to have to live with," Lochte said.
Lochte also faces potential disciplinary action from the U.S. Olympic Committee, with CEO Scott Blackmun saying Sunday that further action was coming. USA Swimming and the IOC could both sanction Lochte.
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