AUSTIN, Texas -- Already an outcast in cycling after a massive doping report, Lance Armstrong absorbed hits much closer to home Wednesday: to his wallet and his heart.

Armstrong was dumped by Nike, Anheuser-Busch and other sponsors, and he gave up the top spot at Livestrong, his beloved cancer-fighting charity, a week after an anti-doping agency released evidence of drug use by the seven-time Tour de France winner.

Armstrong stepped down as chairman of Livestrong in an attempt to minimize the damage caused by the U.S. Anti-Doping Agency's report. USADA banned Armstrong from the sport for life and has ordered that his Tour titles be stripped, which could come before the end of the month.

"This organization, its mission and its supporters are incredibly dear to my heart," the cancer survivor said in a statement. "Today therefore, to spare the foundation any negative effects as a result of controversy surrounding my cycling career, I will conclude my chairmanship."

If there was a silver lining in the day for Armstrong, it was that his major sponsors said they will continue to support the charity, which started as the Lance Armstrong Foundation 15 years ago.

Armstrong, who Forbes has estimated is worth about $125 million, was not paid a salary as Livestrong chairman and will remain on the charity's 15-member board. The duties of leading the board will be turned over to vice chairman Jeff Garvey, who was founding chairman in 1997.

Garvey will be responsible for big-picture strategic planning and will assume some of the public appearances and meetings that Armstrong used to handle.

At the entrance to the Livestrong headquarters in Austin, autographed framed yellow jerseys from each tour win are mounted on a wall near the entrance. Armstrong had a conference call with employees on Wednesday to explain his decision.

"I've been better and I've been worse," Livestrong president and CEO Doug Ulman quoted Armstrong as telling employees when asked how he was feeling.

Armstrong denies doping despite USADA's report, intended to explain its decision in August to punish Armstrong. He claims to have passed hundreds of drug tests but chose not to fight USADA in one of the agency's arbitration hearings, saying the process was biased against him.