Lance Armstrong Lance Armstrong

Lance Armstrong has announced that he's stepping down as chairman of his cancer charity, LiveStrong.

"I have had the great honor of serving as this foundation's chairman for the last five years and its mission and success are my top priorities. Today therefore, to spare the foundation any negative effects as a result of controversy surrounding my cycling career, I will conclude my chairmanship," Armstrong wrote on the organization's blog. 

Lance Armstrong faces being stripped of his titles

Armstrong, who won the Tour de France seven consecutive times from 1999 to 2005, came under fire after being accused of using performance-enhancing drugs.  In June, the U.S. Anti-Doping Agency charged the 41-year-old with using the drugs and in August they announced a lifetime ban from competition and that they'd strip the athlete of all his titles. Armstrong soon announced he would no longer fight the charges.

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"In 1996, as my cancer treatment was drawing to an end, I created a foundation to serve people affected by cancer," Armstrong added. "It has been a great privilege to help grow it from a dream into an organization that today has served 2.5 million people and helped spur a cultural shift in how the world views cancer survivors. This organization, its mission and its supporters are incredibly dear to my heart."

To date, Livestrong has raised nearly $500 million to support cancer patients. Armstrong says he will remain on the charity's board, while current vice chairman Jeff Garvey will assume the chairmanship.