As part of the decision, Speedo said Monday it will donate $50,000 of Lochte’s fee to Save The Children to benefit needy youngsters in Brazil.
Speedo says that while it had “a winning relationship with Ryan for over a decade and he has been an important member of the Speedo team,” it could not condone his behavior after the end of Rio’s swimming competition.
At first, Lochte 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 his behavior, saying he should have been more careful and candid about how he described what happened.
Lochte told TODAY’s Matt Lauer that he and his teammates wouldn’t be “in this mess” if he hadn’t lied.
Lochte said, “They put on a great Games. They did everything. And my immature, intoxicated behavior tarnished that a little.”