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Speedo USA Drops Sponsorship of Ryan Lochte, Ralph Lauren Follows Suit.

Speedo USA and Ralph Lauren announced that they would no longer be sponsoring US Olympic swimmer, Ryan Lochte due to his drunken behavior during the Rio Olympics. Lochte exaggerated the true nature of what actually happened on the night he claimed that he and three other swimmers were robbed at gunpoint.

Even though Lochte apologized and took full responsibility for his behavior, it was too little too late for Speedo USA and Ralph Lauren.

A tweet from Speedo USA released Monday Morning, explains that Lochte's behavior could not be condoned by the company and that it was counter to the values the brand stood for. The company will donate $50,000 of Lochte's sponsorship funds to Save The Children to benefit needy youngsters in Brazil.

In response, Lochte released this statement:

Ralph Lauren removed Lochte's images from their website and stated that the sponsorship agreement was only for the Rio Olympics and would not be renewed. Soon after similar announcement was made by Syneron-Candela. The company that offers skin-treatment products, issued a statement that they would no longer be sponsoring Lochte:

"We hold our employees to high standards, and we expect the same of our business partners," the company said. "We wish Ryan well on his future endeavors and thank him for the time he spent supporting our brand."

You can hear Lochte's take on the events and consequences below in this interview with NBC's Matt Lauer. Lochte takes responsibility for his 'immature behavior' and apologizes for letting his team down.

Have you been following this story? What do you think? Are the consequences just? Let us know in the comments below!

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