(CNN) -- Olympic hero Michael Phelps was suspended from competitive swimming for three months on Thursday -- just hours after one of his sponsors announced it would not renew his contract after a photo surfaced of him smoking from a bong. Michael Phelps admitted "regrettable behavior" after a  photo of him smoking from a bong was published. USA Swimming, the nation's governing body for competitive swimming, said it was withdrawing financial support for Phelps and barring him from competition during the period of his "reprimand." "This is not a situation where any anti-doping rule was violated, but we decided to send a strong message to Michael because he disappointed so many people, particularly the hundreds of thousands of USA Swimming-member kids who look up to him as a role model and a hero," they said in a statement.
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USA Swimming suspends Michael Phelps from competition for three months
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Kellogg Co. says it won't renew its sponsorship of Phelps
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Announcements follow publication of photo showing Phelps smoking from bong
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Sheriff's office says it is investigating whether Phelps smoked marijuana
"@placeholder has voluntarily accepted this reprimand and has committed to earn back our trust," the statement continued.
We are confident that, going forward, @placeholder will consistently set the kind of example we all expect from a great Olympic champion."