Olympic swimmer Michael Phelps visits MTV's "TRL" at MTV Studios in Times Square on October 22, 2008 in New York City.
“Like most Americans, and like Michael Phelps himself, we were disappointed in his behavior,” the company said. “Also like most Americans, we accept his apology. Moving forward, he remains in our plans.”
As previously reported on AccessHollywood.com, Kellogg’s decided not to renew the Olympic champ’s contract after a photo surfaced of Michael smoking from a bong. The swimmer has also been suspended from competition for three months by USA Swimming.
However, many of his sponsors, including Visa, Speedo, Omega and Human Performance Labs, have stood by Michael.
“By no means has this been easy,” Michael told a cameraman on Thursday. “Bad judgment… and something I’ll learn from.”
Michael issued an apology for his “regrettable” behavior on Monday.
Related Content from AccessHollywood.com:
VIEW THE PHOTOS: Sexy Olympians
PLAY IT NOW: Michael Phelps’ Photo Fallout
PLAY IT NOW: Michael Phelps Sets The Record Straight On Controversial Photo