Speedo issued a statement on its Twitter account @SpeedoUSA on August 22 that it will no longer sponsor Olympian swimmer Ryan Lochte.
The release stated that the $50,000 portion of Lochte’s fee will instead be donated by the company to Save The Children, a global charity partner of its parent company.
The question on everyone’s mind was whether Lochte’s removal was due to his actions at the Rio 2016 Olympics, where it was found that he over-exaggerated a report of being robbed at gunpoint.
The Speedo release goes on to say that his actions were in fact the deciding lynchpin.
“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) hope he moves forward and learns from this experience.”
Lochte won gold in the men’s 4×200 freestyle relay this year, making his total olympic medal count 12 (6 golds, 3 silvers, 3 bronzes).
His other sponsors consist of Ralph Lauren, Syneron-Candela and the Airweave mattress company. As of August 23, all companies had reportedly dropped the swimmer from their endorsement lists.
Speedo International recently used Lochte as a model for its upcoming lifestyle collection.
Photo courtesy Speedo USA
