Lance Armstrong is stepping down as head of Livestrong, the cancer patient support juggernaut he founded in 1997 that became one of the world’s most recognizable charity brands.
“I have had the great honor of serving as this foundation’s chairman for the last five years and its mission and success are my top priorities,” he said in a statement Oct. 17. “Today therefore, to spare the foundation any negative effects as a result of controversy surrounding my cycling career, I will conclude my chairmanship.”
Armstrong, who started the organization after a bout with testicular cancer, last month pulled the plug on his years-long legal and PR fight against doping charges as the World Anti-Doping Agency closed in on the seven-time Tour de France winner. The organization last week released a report containing significant evidence and testimony from teammates that Armstrong led a doping scheme for his racing teams.
His resignation from the charity sparked one of his biggest corporate backers, Nike, to end its longstanding relationship with the cyclist.
“Due to the seemingly insurmountable evidence that Lance Armstrong participated in doping and misled Nike for more than a decade, it is with great sadness that we have terminated our contract with him,” the athletic apparel company said in a statement today, adding it will continue to support the Livestrong charity.
The New York Daily News reported this week that Nike paid $500K to cover a positive test for Armstrong, an allegation the company said it “vehemently denies.”
Vice chairman Jeff Garvey, an Austin venture capital titan, takes the reins of Livestrong on Armstrong’s exit.
Livestrong has raised nearly $500M over the past 15 years, including from the sale of its icnonic yellow bracelets.