The 12-times Olympic medalist, Ryan Lochte, was dropped by four sponsors on Monday after his incident in the Rio Olympic Games. Speedo, Syneron Candela, Ralph Lauren and Airweave issued statements on Monday to terminate their deals whit the U.S. swimmer.
Despite apologizing and admitting he did wrong in Rio, Speedo, Syneron Candela, Ralph Lauren and Airweave announced the swimmer was out of the brands’ funding. On August 14, Lochte and three other U.S. swimmers destroyed a sign at a gas station. In an attempt to not get targeted by his actions, Lochte claimed he was robbed at gunpoint by thieves who looked like police officers.
Later, the swimmer changed his version and admitted he over-exaggerated the story because he was drunk when the incident took place. He was held by security guards at the gas station and was released when the swimmers paid a $50 fee.
Speedo: ‘We cannot condone behavior that is counter to the values this brand has long stood for’
This time, apologies did not work for Lochte when he lost four sponsorships due to his behavior in Rio. Swimsuit U.S.A. brand, Speedo, ended up its relationships with the swimmer and stated Lochte’s actions in Rio cannot be accepted in the ethical and moral framework of the company.
“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,” Speedo wrote in a statement released on Monday.
Speedo’s statement also reads the company will donate $50,000 of Lochte’s endorsement payment to Save The Children (a beneficial organization for Brazilian children).
Further on, clothing giant Ralph Lauren released a statement on Monday to declare it would not renew Lochte’s contract. The company had provided the swimmer with financial support leading up to Rio.
At 2016’ Olympics, Ralph Lauren designed and provided the Polo-branded outfit the U.S. Olympic team wore at the opening and closing ceremonies.
Syneron Candela and Airwave also stated they will end Lochte’s endorsement, and both brands remarked their commitment and support to the U.S. Olympic and Paralympic Teams.
Lochte, in turn, expressed in a statement his gratitude to Speedo and said he respected the company’s decision. When asked about the possibility of being dropped by his sponsors in an interview for NBC, Lochte said that was something he was going to live with.
The U.S. Olympic Committee and U.S.A. Swimming will punish Lochte’s behavior
The loss of four endorsements is not the only punishment for Lochte as a consequence of his actions. The U.S. Olympic Committee and U.S.A Swimming have affirmed the 32-year old swimmer will face disciplinary actions. Lochte could be banned from participating at the Tokyo Olympics in 2020. He might also face criminal charges in Brazil.
— Ryan Lochte (@RyanLochte) August 19, 2016
Source: CSN Philly