Lance Armstrong stepped down as chairman of the cancer fighting charity, Livestrong. Armstrong made the announcement Wednesday morning, stating that he wanted the charity to focus on its mission instead of the controversy surrounding doping allegations against him.
Moments after Armstrong stepped down, Nike announced that its dropping its contract with Armstrong, alleging that he misled the company for a decade about doping.
The U.S. anti-doping agency released a report last week highlighting accusations of doping by Armstrong when he won the Tour de France seven consecutive times from 1999 to 2005. Armstrong denies the doping allegations.