Speedo, Ralph Lauren drop Ryan Lochte after Rio controversy

— -- Ryan Lochte lost his first two endorsement deals 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."

Later Monday, Ralph Lauren issued a statement saying it would not be renewing Lochte's contract.?

"Ralph Lauren continues to proudly sponsor the U.S. Olympic and Paralympic Team and the values that its athletes embody," the statement read. "Ralph Lauren's endorsement agreement with Ryan Lochte was specifically in support of the Rio 2016 Olympic Games and the company will not be renewing his contract."

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.