Today Speedo USA announced that it is ending its sponsorship of Ryan Lochte, making it the first company to officially terminate its endorsement deal with the Olympian.
Though Lochte has apologized and admitted to ‘exaggerating his story’ about being robbed at gunpoint in Rio de Janeiro, he insists he did not lie.
“We cannot condone behavior that is counter to the values this brand has long stood for,” Nottingham, UK-based Speedo’s U.S. unit said in a statement on Monday.
Speedo USA said it would donate $50,000 of Lochte’s fee to Save The Children, a global charity partner of Speedo USA’s parent company.
The question is : How many more companies will now drop Lochte?
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