(Newsroom America) -- Nike says it has terminated its contract with Lance Armstrong as the former pro cyclist announced he was stepping down as the chairman of Livestrong, which he founded in 1997 to help people affected by cancer.
Nike said the contract was terminated "due to the seemingly insurmountable evidence that Lance Armstrong participated in doping and misled Nike for more than a decade."
It said it was with great sadness that contract was terminated.
"Nike does not condone the use of illegal performance enhancing drugs in any manner," the company said in a statement.
Nike plans said it continued to support of the Livestrong initiatives created to unite, inspire and empower people affected by cancer.
Meanwhile Mr Armstrong announced he was stepping down as chairman of Livestrong.
"In 1996, as my cancer treatment was drawing to an end, I created a foundation to serve people affected by cancer. It has been a great privilege to help grow it from a dream into an organization that today has served 2.5 million people and helped spur a cultural shift in how the world views cancer survivors. This organization, its mission and its supporters are incredibly dear to my heart," he said in a statement.
Vice Chairman Jeff Garvey who will serve as chairman of Livestrong.
"Long before he became a household name, Lance Armstrong created a foundation to serve others facing the same fears and challenges he struggled to overcome as a result of his cancer diagnosis," said Doug Ulman, Livestrong President and CEO.
He said thanks to Lance's leadership, that foundation has raised close to $500 million to serve people affected by cancer.