Sorry, Ryan Lochte.
Speedo USA said today that it has decided to terminate its sponsorship of the U.S. swimmer after he admitted to lying to the police about being held at gunpoint in Rio. But not only that- Ralph Lauren followed suite, saying that they will also not be renewing his contract.
“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, vice president of global corporate communications for the company, said in a statement.
Lochte recently admitted that he “overexaggerated” about being held up at gunpoint in Rio while he was there for the Olympics, but again, it’s not like it was a total lie. I still think people are being too harsh on the dude.
What do YOU think?