NEW YORK — Speedo is the first major company to drop its sponsorship of swimmer Ryan Lochte.
The swimsuit maker owned by PVH in New York says that it doesn’t condone behavior that is counter to its values.
Lochte fabricated a tale that he was robbed at gunpoint in Rio de Janeiro during the Olympics. He later apologized.
Speedo says it is donating $50,000 from Lochte’s sponsorship fee to the global charity Save the Children for children in Brazil.
Here is the full statement from Speedo:
“Speedo USA today announces the decision to end its sponsorship of Ryan Lochte. As part of this decision, Speedo USA will donate a $50,000 portion of Lochte’s fee to Save The Children, a global charity partner of Speedo USA’s parent company, for children in Brazil. 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. We appreciate his many achievements and hope he moves forward and learns from the experience.”