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USA Swimmer Ryan Lochte Loses First Major Sponsorship After Rio Incident

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"We cannot condone behavior that is counter the values this brand has long stood for."

Ryan Lochte of the United States is stunned after winning the Final of the Men's 400m Individual Medley on Day 1 of the London 2012 Olympic Games. (Photo: Getty Images)

NEW YORK (TheBlaze/AP) -- Speedo is the first major company to drop its sponsorship of swimmer Ryan Lochte.

United States' Ryan Lochte checks his time in a men's 4x200-meter freestyle heat during the swimming competitions at the 2016 Summer Olympics, Tuesday, Aug. 9, 2016, in Rio de Janeiro, Brazil. (AP Photo/Michael Sohn)

The swimsuit maker owned by PVH in New York says that it doesn't condone behavior that is counter to its values.

"Speedo USA today announces the decision to end its sponsorship of Ryan Lochte," a statement from Speedo reads, in part.

"While we have 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 the values this brand has long stood for," it adds.

Lochte fabricated a tale that he was robbed at gunpoint in Rio de Janeiro during the Olympics. He later apologized.

A photo posted by Ryanlochte (@ryanlochte) on

Speedo says it is donating $50,000 from Lochte's sponsorship fee to the global charity Save the Children for children in Brazil.

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