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Oct 17, 2012 9:31 AM by Associated Press

Armstrong stepping down as Livestrong chairman

AUSTIN, Texas (AP) - Lance Armstrong is stepping down as chairman of his Livestrong cancer-fighting charity to it can focus on its mission instead of its founder's problems.

Armstrong's announcement came minutes before Nike Inc., announced it is terminating its personal contract with him.

Nike said it a statement that Armstrong had "misled" the company for a decade about doping. The company said it would continue to support Armstrong's foundation.

The U.S. Anti-Doping Agency released a massive report last week detailing allegations of widespread doping by Armstrong and his teams when he won the Tour de France seven consecutive times from 1999 to 2005.

(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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