Livestrong is Armstrong's cancer-fighting charity, which was founded in 1997, two years before he won his first of seven Tour de France titles.
According to Vertuno, Armstrong will remain on the 15-member board, but vice chairman Jeff Garvey will take over his board-leading duties. Garvey was the organization's founding chairman in the beginning back in 1997.
Armstrong's reason for stepping down is to avoid casting any more negative light on the organization in the midst of his doping scandal.
This was Armstrong's statement, via Vertuno:
This organization, its mission and its supporters are incredibly dear to my heart. Today therefore, to spare the foundation any negative effects as a result of controversy surrounding my cycling career, I will conclude my chairmanship.
In the midst of Armstrong stepping down as chairman of Livestrong and being stripped of his cycling titles, Nike has announced that it has terminated its contract with Armstrong.
Here's the statement from Nike:
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. Nike does not condone the use of illegal performance enhancing drugs in any manner.
Nike plans to continue support of the Livestrong initiatives created to unite, inspire and empower people affected by cancer.
All of this comes just a week after the U.S. Anti-Doping Agency released its report on Armstrong, according to The Guardian via the AP. It includes allegations that he and his teams used performance-enhancing drugs to get an edge in the sport of cycling.
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