PHILADELPHIA (CBS) — Speedo has announced it is cutting ties with Olympic swimmer Ryan Lochte after the controversy in Rio.

Speedo said in a press release: ‘Speedo USA announces its decision to end its sponsorship of Ryan Lochte. As part of this decision, Speedo USA will donate a $50,000 of Lochte’s fee to Save The Children, a global charity partner of Speedo USA’s parent company, for children in Brazil.”

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Lochte apologized for his behavior in Rio, saying on Instagram, “I wanted to apologize for my behavior last weekend — for not being more careful and candid in how I described the events of that early morning and for my role in taking the focus away from the many athletes fulfilling their dreams of participating in the Olympics.”

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Speedo said, “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.”