Nike Kicks Lance Armstrong to Curb

Cyclist steps down from Livestrong Foundation

   

Nike Kicks Lance Armstrong to Curb

A week after the U.S. Anti-Doping Agency detailed Lance Armstrong’s alleged use of performance-enhancing substances, athletic apparel giant Nike (NYSE:NKE) canceled its contract with the cycler.

Armstrong, whose cycling team had seven Tour de France victories before being stripped of them, also stepped down as chairman of his Livestrong foundation, according to the Los Angeles Times.

Vice Chairman Jeff Garvey will assume Armstrong’s responsibilities with the foundation. However, Armstrong will continue on the foundation’s 15-member board, and Livestrong president and CEO Doug Ulman said Armstrong will continue to be a visible leader for the foundation.

The decision comes weeks after Nike had announced its continued support for Armstrong. However, Nike said in a statement that it would continue to support the initiatives of the Livestrong foundation, which helps raise awareness of cancer and assists cancer survivors.

Armstrong, a cancer survivor and one of the most successful cyclists in history, recently was stripped of his Tour de France titles by the USADA for doping and was banned from cycling forever.

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Article printed from InvestorPlace Media, http://investorplace.com/2012/10/nike-cancels-contract-with-lance-armstrong/.

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