( 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 . `` Michael has voluntarily accepted this reprimand and has committed to earn back our trust , '' the statement continued . Earlier Thursday , Kellogg Co. said it will not renew Phelps ' advertising contract . `` 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 . '' Norwitz said Kellogg 's relationship with Phelps began with the company 's support of the U.S. Olympic team . Kellogg did not renew its sponsorship of the team when it expired in December , she said . 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 . The Richland County , South Carolina , sheriff 's office said Tuesday it was investigating whether Phelps smoked marijuana on the school campus , adding it would file criminal charges if it determined he did . Both university police and Columbia , South Carolina , police said they would not pursue charges , according to The State newspaper in Columbia . It was unclear where the party took place , the paper said , or whether it was on campus . On Thursday , before the decisions by USA Swimming and Kellogg were announced , Phelps told CNN affiliate WBAL that the incident was a result of `` bad judgment . '' Watch Phelps ' comments to WBAL » . `` I can learn from it and try to make my life better than it has been in the past , '' he told WBAL . `` I think it 's hard to really be ready for any of this . But I 've actually been able to talk to a lot of people , and lot of people that have been in my shoes in other sports , and I 've been able to get their perspective and just talk to them a little bit , and that 's been helpful over the last few days , '' Phelps said . In a statement released Sunday , Phelps , who won a record eight gold medals at the 2008 Olympic Games in Beijing , China , said : `` I engaged in behavior which was regrettable and demonstrated bad judgment . '' `` I 'm 23 years old , and despite the successes I have had in the pool , I acted in a youthful and inappropriate way , not in a manner that people have come to expect from me , '' he said . `` For this , I am sorry . I promise my fans and the public -- it will not happen again . '' iReport.com : Should Phelps have been suspended ? The U.S. Olympic Committee also issued a statement that said in part : `` Michael has acknowledged that he made a mistake and apologized for his actions . We are confident that , going forward , Michael will consistently set the kind of example we all expect from a great Olympic champion . '' In 2004 , Phelps was arrested on charges of driving under the influence in Salisbury , Maryland . He pleaded guilty and was sentenced to 18 months probation . He also issued an apology after that incident . Phelps is one of 12 Olympic athletes who pledged to `` My Victory , '' an initiative launched last year by the U.S. Anti-Doping Agency aimed at keeping competitive sports clean .
USA Swimming suspends Michael Phelps from competition for three months . The swimmer was suspended after he tested positive for a banned steroid in his sample at the Beijing Olympics last year. Announcements follow publication of photo showing Phelps smoking from bong . Sheriff 's office says it is investigating whether Phelps smoked marijuana .