08/22/2016 12:11 EDT | Updated 08/23/2016 09:59 EDT

Speedo USA Drops Ryan Lochte After Swimmer's Scandal At Rio 2016 Olympics

Lochte also lost his deal with Gentle Hair Removal.

Ryan Lochte lost his first major sponsor when Speedo USA announced it is dropping the swimmer over a drunken incident during the Rio Olympics that he initially described as an armed robbery.

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.

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.

A photo posted by Ryanlochte (@ryanlochte) on

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.

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.

SECOND UPDATE - Aug. 23, 2016: Airweave has announced they are also ending their partnership with Lochte:

With files from Madelyn Chung.

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