General Motors and Tiger Woods have announced the termination of their endorsement deal, a year early, as the auto major is looking at cutting costs and the golfer wants more personal time.
Terming the termination as a mutual and amicable one General Motors and Tiger Woods late on Monday announced that they will conclude their endorsement deal effective December 31, 2008.
"The amicable separation included a desire for more personal time for the 14-time major winner who is expecting his second child in late winter as well as the search for budget efficiencies during a difficult economy for General Motors," GM said in a statement.
"Tiger has been a great friend to GM and a fantastic asset through the years helping to bring consumer awareness to many new GM products," General Motors North American Vice- President of Sales, Service and Marketing Mark LaNeve said.
LaNeve added "this decision is the result of discussions that started earlier in the year and the timing of this agreement with these other activities is purely coincidental".
For the past nine years, Woods endorsed GM products around the world and had been heavily associated with the Buick brand in the US, Canada and China markets.
Meanwhile, in a statement, Woods commented: "I am very proud of the long standing partnership I have had with GM and have enjoyed being a part of the company's dramatic product evolution.... We've enjoyed a tremendous partnership over the years and we will maintain strong ties with the many people at GM we call friends.