“Syneron-Candela will be ending its partnership with Ryan Lochte”, the statement read.
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He was the breakout star of the 2012 London Olympics, landing a short-lived reality TV series called What Would Ryan Lochte Do? and appearing, as himself, on top shows like 30 Rock and 90210.
After first claiming that he and his three team-mates had been robbed by bogus policemen, Lochte back-tracked. The company also announced that it will donate a $50,000 portion of Lochte’s fee to a charity that will benefit children in Brazil, CBS Sports reported.
“The behavior of these athletes is not acceptable, nor does it represent the values of Team USA or the conduct of the vast majority of its members”, the US Olympic Committee (USOC) said in a statement.
“We appreciate his many achievements and hope he moves forward and learns from this experience”, the company said in a statement.
In response, so far Lochte has only responded to Speedo’s decision, issuing a statement thanking them for their support over the years. “If I had never done that, we wouldn’t be in this mess”. The company, which designs the outfits worn by US athletes during the opening and closing ceremonies, said Monday that the endorsement was specifically for the 2016 Olympics, and would not be renewed.
By day’s end Lochte lost other sponsors including Ralph Lauren and a laser hair removal company.
Mattress company Airweave and Syneron Candela, the parent company for a laser hair removal system that Lochte promoted, quickly followed suit.
The United States Olympic Committee and USA Swimming have also indicated that it will slap Lochte with some sort of punishment.
But by Saturday, after the Rio police argued Lochte fabricated the account and footage from a gas station emerged, Lochte went on an apology tour. He could also face criminal charges in Brazil, where the other swimmers were initially barred from leaving the country until they were interviewed by authorities.
It later transpired that the three men had been involved in an altercation with security staff at a petrol station after they were found to have caused damage and urinated on a wall on the premises, which they were then asked to pay for.
The biggest sponsor of the four that will end their contract with Lochte, specified that this kind of behavior in unacceptable and that they will not condone it, for it is against their values.
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A 12-time Olympic gold medalist, Lochte, 32, has earned millions of dollars through endorsements.
