Following U.S. swimmer Ryan Lochte’s admission that he “overexaggerated” his story about being robbed at gunpoint in Rio, at least four companies have terminated their relationship, or will not be renewing their contracts, with him.
The companies that have announced they will not be working with Lochte are Speedo USA, Ralph Lauren, skin care company Syneron-Candela and mattress maker Airweave.
In a statement, Speedo said, “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.”
Ryan Lochte: ‘I respect Speedo’s decision’
Shortly thereafter, the swimmer released a statement, saying he respects Speedo’s decision.
“I respect Speedo’s decision and am grateful for the opportunities that our partnership has afforded me over the years,” Lochte said in his statement, as reported by ABC News. “I am proud of the accomplishments that we have achieved together.”
Lochte, who has 12 Olympic medals to his name, recently confessed he had “overexaggerated” a story wherein he said he and three other U.S. swimmers were robbed at gunpoint following a party during the 2016 Rio Olympics.
Speaking with NBC News, Lochte said he is “taking full responsibility for it.”
“I overexaggerated that story,” Lochte said. “That didn’t happen.”
Ryan Lochte: No robbery had occurred, Brazilian authorities say
According to Brazilian authorities, no robbery had occurred. Instead, as reported by CNN, the athletes had vandalized a gas station.
Meanwhile, Ralph Lauren announced that the company signed an endorsement deal with the swimmer specifically for the 2016 Games and thereby will not be renewing the contract. On Monday, the company had a picture of Lochte wearing an Olympic medal on its Twitter page. The image has since been taken down.
Airweave, too, said it has “made the decision to end our partnership with Ryan Lochte.” The company further added it will continue to support Team USA in the upcoming Paralympic Games.
Syneron-Candela also announced it will not be working with the athlete. “Syneron-Candela will be ending its partnership with Ryan Lochte,” the company said. “We hold our employees to high standards, and we expect the same of our business partners.”