Lochte has explained that the now infamous robbery in Rio wasn’t a lie, but rather an “over-exaggeration.” Debate the nuance all you want—the bottom line is that the swimmer stands to lose millions in endorsements.
Speedo USA was the first brand to cut Lochte from its payroll. On Monday, 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 the behavior that is counter to the values this brand has long stood for.
Speedo USA took it a step further on Tuesday, saying it would donate $50,000 that it would have handed over to Lochte to a charity:
The official response regarding our sponsorship of Ryan Lochte. pic.twitter.com/0DdP2RyceD
— Speedo USA (@SpeedoUSA) August 22, 2016
Next came Ralph Lauren, which released the following statement to CNBC: