It was only a matter of time before Ryan Lochte started losing endorsements, and Speedo is the first company to drop the Olympic swimmer.
With allegations of fabricating a robbery story in Rio hanging over his head, Ryan Lochte has officially been dropped by Speedo. The swimwear brand announced their decision on Twitter by stating, “[Speedo] cannot condone behavior that is counter to the values this brand has long stood for.”
The Olympian has been backed by Speedo for over a decade, so it’s safe to assume their decision was not an easy one. In an attempt to right Lochte’s wrongs, Speedo announced they will be donating $50,000 to Save The Children, which is a charity focused on helping the children of Brazil.
The official response regarding our sponsorship of Ryan Lochte. pic.twitter.com/0DdP2RyceD
— Speedo USA (@SpeedoUSA) August 22, 2016
Will Polo Ralph Lauren and the mattress company, Airweave, also drop Lochte? It’s hard to say, but one thing is for certain, Lochte will be receiving a lot less money than he’s used to.