"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 to the values this brand has long stood for," the statement reads. "We appreciate his many achievements and hope he moves forward and learns from this experience."
Lochte responded on Monday with a statement of his own. "I respect Speedo's decision and am grateful for the opportunities that our partnership has afforded me over the years," he said. "I am proud of the accomplishments that we have achieved together."
A Ralph Lauren spokesperson has also told ET that the brand won't be renewing its contract with Lochte.
"Ralph Lauren continues to proudly sponsor the U.S. Olympic and Paralympic Team and the values that its athletes embody," the statement reads. "Ralph Lauren's endorsement agreement with Ryan Lochte was specifically in support of the Rio 2016 Olympic Games and the company will not be renewing his contract."
In his only interview about the scandal so far, Lochte told NBC's Matt Lauer he took "full responsibility" for "over-exaggerating" his claims that the taxi he shared with his teammates, Gunnar Bentz, Jack Conger, and James Feigen, was pulled over by men posing as police officers while headed to the Olympic Village. He also said that one of the robbers pointed a gun at his forehead and stole their money.
Brazilian investigators later claimed Lochte fabricated his story about being robbed in Rio after there was allegedly damage done to a bathroom door in a local gas station.
"And that's why I'm taking full responsibility for it, is because I over-exaggerated that story, and if I had never done that, we wouldn't be in this mess," Lochte explained to Lauer. "Those guys would never be in Rio, or were in Rio. None of this would have happened, and it was my immature behavior…"
Still, he defended himself when grilled about the particular details of his story.
"We just wanted to get out of there. We were held… I mean, there was a gun pointed in our direction. We were all frightened, and we wanted to get out of there as quick as possible," Lochte stated. "And the only way we knew is this guy saying, 'You have to give him money.' So we gave him money, and we got out."