Speedo USA, Ralph Lauren drop Lochte after Rio incident

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Monday, August 22, 2016
Olympic medalist Ryan Lochte
Olympic medalist Ryan Lochte models Speedo's new Fastskin 3 swimsuit during a news conference in New York, Wednesday, Nov. 30, 2011
AP Photo/Kathy Willens-AP

Ryan Lochte has lost two majors sponsors after Speedo USA and Ralph Lauren announced they are dumping the swimmer over a drunken incident during the Rio Olympics that he initially described as an armed robbery.

Both companies announced their decisions Monday, one day after the end of the games.

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.