Kellogg drops swimmer Phelps

(CNN) - Kellogg Company has decided not to renew the contract of Olympic swimmer Michael Phelps after a photograph of the multi-gold-medal winner smoking from a bong surfaced, the company said.

"Michael's most recent behavior is not consistent with the image of Kellogg," company spokeswoman Susanne Norwitz said. "His contract expires at the end of February, and we have made a decision not to extend his contract."

Phelps made no immediate comment on the action by Kellogg.

Phelps admitted "regrettable behavior" on Sunday after a British newspaper published the photograph. The tabloid News of the World showed Phelps using the bong during what it said was a November party at the University of South Carolina in Columbia.