Both companies announced their decisions Monday, one day after the end of the games.
The official response regarding our sponsorship of Ryan Lochte. pic.twitter.com/0DdP2RyceD— Speedo USA (@SpeedoUSA) August 22, 2016
Speedo says it will donate $50,000 of Lochte's fee to Save The Children to benefit needy youngsters in Brazil. Ralph Lauren says its sponsorship of Lochte was specifically in support of the Rio Olympics and the contract will not be renewed.
Lochte initially said he and three swimming teammates were robbed after their taxi was pulled over by armed men posing as police. He has since apologized for embellishing what officials now say was a dispute over vandalism at a gas station.