As part of the decision, Speedo said Monday it will donate $50,000 of Lochte's fee to Save The Children to benefit needy youngsters in Brazil.
Speedo says that while it had "a winning relationship with Ryan for over a decade and he has been an important member of the Speedo team,'' it could not condone his behaviour after the end of Rio's swimming competition.
The official response regarding our sponsorship of Ryan Lochte. pic.twitter.com/0DdP2RyceD— Speedo USA (@SpeedoUSA) August 22, 2016
At first, Lochte said he and three swimming teammates were robbed after their taxi was pulled over by armed men posing as police. He has since apologized for embellishing his version of events.
"I want to apologize for my behavior last weekend — for not being more careful and candid in how I described the events of that early morning and for my role in taking the focus away from the many athletes fulfilling their dreams of participating in the Olympics," he wrote wrote on Instagram.
Along with Speedo, the 12-time Olympic medallist also has endorsements deals with Ralph Lauren Polo and Japanese mattress manufacturer, Airweave.
Airweave plans to stick with Lochte.
"I respect the athletic performance of Ryan, and as long as he is a respectable athlete, he will remain the U.S. ambassador for Airweave as long as our partnership agreement remains effective," Airweave founder Motokuni Takaoka told Bloomberg. "We are focused on supporting Team USA and our support to them will remain the same."
According to the Washington Post, Ralph Lauren is currently reviewing the situation with the U.S. Olympic Committee before deciding its future plans with Ryan. The brand has, however, removed the swimmer's name and image from its Olympic endorser page.
Ryan Lochte's name & image has been taken off the Olympic endorser page on Ralph Lauren's website pic.twitter.com/NKZhTm8peU— Darren Rovell (@darrenrovell) August 21, 2016
UPDATE - Aug. 22, 2016: Ralph Lauren and Gentle Hair Removal will also be dropping Ryan Lochte. According to ESPN's Darren Rovell, Ralph Lauren officials confirmed the company will not be renewing Lochte's contract. Rovell also shared a tweet from Gentle Hair Removal's parent company regarding the end of their partnership with the swimmer.
BREAKING: Ralph Lauren official says company will not be renewing Ryan Lochte's contract. Lost Speedo deal this morning.— Darren Rovell (@darrenrovell) August 22, 2016
BREAKING: Ryan Lochte has lost his 3rd endorsement deal today. Parent company of Gentle Hair Removal ends deal pic.twitter.com/kAHq6ivYsp— Darren Rovell (@darrenrovell) August 22, 2016
SECOND UPDATE - Aug. 23, 2016: Airweave has announced they are also ending their partnership with Lochte:
airweave's official statement regarding sponsorship of Ryan Lochte. pic.twitter.com/pFGzMSxnTR— airweave USA (@airweaveUSA) August 22, 2016
With files from Madelyn Chung.
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