GM ends its deal with Tiger Woods

General Motors has announced that it will terminate its endorsement deal with Tiger Woods by end December. Tiger Woods, arguably the greatest, most well-compensated endorser in the world, was most closely associated with GM's Buick brand for nine years.

GM issued a statement saying both GM and Woods "agreed to a mutual and amicable separation that included a desire for more personal time for the [golfer] who is expecting his second child in late winter as well as the search for budget efficiencies during a difficult economy for GM."

Earlier this year, Tiger Woods last came in a television advertisement to boost sales of the Buick Enclave luxury crossover. Then, in June, GM launched a promotion for Buick.

Woods is the winner of 65 PGA Tour events and 14 major championships.

His five-year, $40 million deal with GM is part of his nearly $100 million in annual endorsement deals with Nike, EA Sports, American Express and Tag Heuer, among others.

In a statement, Woods said: "I am very proud of the longstanding partnership I've had with GM and have enjoyed being a part of the company's dramatic product evolution. We've had a lot of fun together, and I participated in some unique and rewarding activities."

Woods was most closely associated with GM's Buick brand. He made several commercials on behalf of Buick, and also played as often as he could in the annual Buick Open tournament each summer in Grand Blanc, Mich.