tiger_woods&tag_heuer(2008-publicity-shot-med)*Swiss watchmaker Tag Heuer says the company will “downscale” the use of Tiger Woods in ad campaigns for the foreseeable future, according to Swiss daily Le Matin.

“We recognize Tiger Woods as a great sportsman but we have to take account of the sensitivity of some consumers in relation to recent events,” Babin told the paper.

On the other hand, Tag Heuer will continue to support Woods’ charitable foundation. Woods has been a brand ambassador for Tag Heuer since 2002.

Last week, the company removed all placards featuring Woods in Australia but claimed the move had nothing to do with Woods’ admitted “transgressions.” The company’s general manager, Philip Richards, told the Sydney Morning-Herald that Tag Heuer was just temporarily ending its “golf focus” following the end of the season down under.

The losses in sponsorship for the world’s #1 golfer keep mounting. Earlier this week, Woods, 33, lost his sponsorship deal with the consulting firm Accenture. In addition, Gillette has, for now, stopped airing all advertisements featuring the pro golfer, and AT&T has said it is re-evaluating its relationship with Woods

However, all is not lost. Sports firm, Nike is standing by Woods … so far. Also, one week after announcing his indefinite leave from golf, Woods won the PGA Tour player of the year award. This is the tenth time Woods has won the award, which is voted on by other players.