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Time's up for Tiger Woods' endorsement deal with Tag Heuer

The CEO of the Swiss watchmaker, Jean-Christophe Babin says the company will "downscale" the use of Woods in ad campaigns for the foreseeable future, according to Swiss daily Le Matin. "We recognize Tiger Woods as a great sportsman but we have to take account of the sensitivity of some consumers in relation to recent events," Babin told the paper.

Tiger Woods loses first sponsorship

Tag Heuer will continue to support Woods' charitable foundation. Woods has been a brand ambassador for Tag Heuer since 2002.

Last week, Tag Heuer removed all placards featuring Woods in Australia but claimed the move had nothing to do with Woods' admitted "transgressions." The company's general manager, Philip Richards, told the Sydney Morning-Herald that Tag Heuer was just temporarily ending its "golf focus" following the end of the season down under.

Nike chairman: Tiger Woods' indiscretions a "minor blip"

Earlier this week, Woods, 33, lost his sponsorship deal with the consulting firm Accenture. In addition, Gillette has, for now, stopped airing all advertisements featuring the pro golfer, and AT&T has said it is re-evaluating its relationship with Woods.

However, it's not all bad news for the golf star this week. One week after announcing his indefinite leave from golf, Woods won the PGA Tour player of the year award, The Associated Press reports. This is the tenth time Woods has won the award, which is voted on by other players.