Published August 22, 2016 FoxNews.com
DEVELOPING: Ralph Lauren announced Monday it would not renew its sponsorship contract with Ryan Lochte, becoming the second company to drop the U.S. Olympic swimmer in the wake of his scandal in Rio de Janeiro.
Earlier Monday, Speedo USA executives said the company would drop its sponsorship of Lochte and donate $50,000 to charity.
In Ralph Lauren's case, the company stated its contract with Lochte was for the 2016 Rio Olympics only, and would not be renewed. "Ralph Lauren continues to sponsor the U.S. Olympic and Paralympic Team and the values that its athletes embody."
Speedo USA said in a separate statement that the company would donate $50,000 from Lochte's endorsement fee to the charity Save The Children. "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."
Lochte acknowledged it was his "immature behavior" that got him and three teammates into a mess that consumed the final days of the Olympics, in a portion of an interview with NBC's Matt Lauer that aired Saturday. Police have said the swimmers vandalized a bathroom after a night of partying and armed guards confronted them and asked them to pay for the damage.
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