Ralph Lauren announced Monday it would not renew its sponsorship contract with Ryan Lochte, becoming the second company to drop the U.S. Olympic swimmer in the wake of his scandal in Rio de Janeiro. Earlier Monday, Speedo USA executives said the company would drop its sponsorship of Lochte and donate $50,000 to charity. In Ralph Lauren's case, the company stated its contract with Lochte was for the 2016 Rio Olympics only, and would not be renewed. "Ralph Lauren continues to sponsor the U.S. Olympic and Paralympic Team and the values that its athletes embody."