Michael Phelps will put his $1 million bonus to good use, announcing plans to start a foundation promoting water safety and youth swimming. Joe Gromek, president and CEO of Warnaco, Speedo's U.S. parent company, presented a check to Phelps on NBC's "Today" show Tuesday.
The company, which has sponsored Phelps since he was 16, promised him a $1 million bonus if he tied or broke Mark Spitz's record for most gold medals at a single Olympics. The swimmer eclipsed the mark by winning eight golds at the Beijing Games _ seven of them with world-record times.
Company spokeswoman Audra Silverman said Speedo …
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