Tag Heuer, the Swiss watchmaker owned by LVMH Moet Hennessy Louis Vuitton, ended its endorsement agreement with Tiger Woods when the golfer's contract expired last month.
Tag Heuer, based in La Chaux-de-Fonds, had limited its use of Mr. Woods's image in certain markets following a November 2009 car accident that led to his admission of marital infidelity and personal and professional decline. The company signed Woods in 2002.
Mark Steinberg, Mr. Woods's agent, confirmed in an email that the agreement ended. He declined to provide further details.
Over the past 19 months, Woods has lost endorsement agreements with companies including AT&T, Accenture and PepsiCo's Gatorade brand. The 14-time major champion has maintained commercial contracts with Electronic Arts, Nike , Upper Deck, Berkshire Hathaway's NetJets and TLC Vision Corp. He began promoting a muscle-relief heat rub made by Japan-based Kowa Co. in June.
Mr. Woods, 35, hasn't won a tournament since the 2009 Australian Masters, a week before the accident, and is 30th in the Official World Golf Ranking. He finished 37th yesterday in the World Golf Championships Bridgestone Invitational, 18 shots behind winner Adam Scott, who is now using Mr. Woods' former caddie.
-- Bloomberg News --