RIO DE JANEIRO, BRAZIL - AUGUST 10: Ryan Lochte of the United States in the Men's 200m Individual Medley heat on Day 5 of the Rio 2016 Olympic Games at the Olympic Aquatics Stadium on August 10, 2016 in Rio de Janeiro, Brazil. (Photo by Tom Pennington/Getty Images)
The company said that it would donate $50,000 of Lochte’s fee to a charity to help Brazilian children.
"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 company said in a statement posted on Twitter. "We appreciate his many achievements and hope he moves forward and learns from this experience."
Lochte responded by saying he respects Speedo's decision.
"I 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."
Ralph Lauren also issued a statement regarding the decision to end partnership with Lochte.
"Ralph Lauren continues to proudly sponsor the U.S. Olympic and Paralympic Team and the values that its athletes embody," said the company's statement. "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."
The third company to drop the 12-time Olympic medal winner was Syneron-Candela, for which Lochte endorsed the Gentle Hair Removal brand.
"Syneron-Candela will be ending its partnership with Ryan Lochte," said the company's statement. "We hold our employees to high standards, and we expect the same of our business partners. We wish Ryan well on his future endeavors and thank him for the time he spent supporting our brand."
Airweave, a mattress supplier, also said the company carefully considered its partnership with Lochte, but ultimately decided to end it.