Days before the Livestrong Foundation’s 15th anniversary celebration, its founder, Lance Armstrong, announced this morning that he is stepping down as Chairman. Nike, Inc. also announced today that it is terminating its contract with Armstrong based on the “seemingly insurmountable evidence” that Armstrong participated in doping. Nike will continue its support of Livestrong initiatives. Both announcements follow the release of a report last week by the U.S. Anti-Doping Agency which included testimony from several former teammates that Armstrong both used and trafficked performance enhancing drugs during his cycling career. Armstrong was banned from competitive cycling and stripped of his titles by the USADA in August.
Armstrong Dropped by Nike, Steps Down as Chairman of His Charity