Major brands dropped Ryan Lochte en masse on Monday, in the wake of an incident at the Rio Olympics where the swimmer misrepresented a claim that he and his teammates were robbed at gunpoint.
In a bizarre twist to a story that broke last week, Lochte admitted that he may have exaggerated his initial account about being held up in Rio de Janeiro. Local police countered his claims, saying that Lochte and his teammates had actually been confronted by private security guards after damaging a gas station bathroom.
In response, a number of high profile endorsers have broken ties with the swimmer. Speedo USA was the first of three sponsors to announce that it is ending its sponsorship of Lochte.
The swimwear subsidiary of PVH said that although it has "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," the company said in a statement.
Speedo said it will also donate $50,000 "of Lochte's fee to Save The Children, a global charity partner of Speedo USA's parent company, for children in Brazil."
Lochte said in a statement to E! News, "I respect Speedo's decision and am grateful for the opportunities that our partnership has afforded me over the years. I am proud of the accomplishments that we have achieved together."