The company said that it "cannot condone behavior that is counter to the values this brand has long stood for," although it did thank Lochte for "his many achievements and hope[s] he moves forward and learns from this experience."
The $50,000 sponsorship fee Lochte would have received will instead be donated to Save the Children, which currently has a charitable arrangement with Speedo USA's parent company, the Pentland Group.
Read Speedo's official statement below via Twitter.
UPDATE: Ralph Lauren also announced that it was cutting ties with the disgraced swimmer. In a statement, the clothing company said that "Ralph Lauren continues to proudly sponsor the U.S. Olympic and Paralympic Team and the values that its athletes embody. 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."