MasterCard CMO on Ryan Lochte Controversy, Athlete Sponsorships

Brands should be very careful when selecting which athletes to sponsor, according to MasterCard's chief marketing officer Raja Rajamannar.
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Brands should be very careful when selecting which athletes to sponsor, according to MasterCard's (MA) - Get Report chief marketing officer Raja Rajamannar. After U.S. Olympic swimmer Ryan Lochte sparked controversy by claiming he was robbed at gunpoint at the 2016 games in Rio de Janeiro, and later admitted embellishing the story in television interviews, his sponsors, including Speedo and Ralph Lauren (RL) - Get Report , stepped away. 'When it happens it happens,' Rajamannar said, referring to controversies like Lochte's. 'That's where the process of diligence of selecting the right brand ambassadors comes into being.' TheStreet's Scott Gamm reports from Bethpage State Park on Long Island, the site of the 2016 golf tournament, The Barclays.