Two major sponsors for U.S. Olympic swimmer Ryan Lochte have announced they will no longer be associated with Lochte in the aftermath of his “overexaggerated” version of events regarding a late night drunken spree in Rio during the recent games.
While Speedo announces they are terminating his contract, Ralph Lauren says his endorsement was only through the Rio Olympics and they will not be renewing his contract.
From ABC News:
“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,” the company said in a statement.
“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 this experience,” the company added.
Ralph Lauren noted in its statement that it “continues to proudly sponsor the U.S. Olympic and Paralympic team and the values that its athletes embody.”
“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,” Ryan J. Lally, the vice president of global corporate communications for the company, said in a statement.
Lochte gave a tearful apology while speaking in-depth to NBC’s Matt Lauer yesterday wherein he repeatedly stated he was taking full responsibility for his actions.