Business firm Accenture said the sportsman was "no longer the right representative after the circumstances of the last two weeks."
Tiger faces a battle to save his marriage over Christmas after his Swedish wife Elin Nordegren has reportedly spoken to divorce lawyers.
The 29-year-old blonde, who was photographed at the weekend without her wedding ring, is said to be thinking of starting proceedings in the New Year, and returning to Sweden.
She is expected to spend the festive season in a £1.3 million, six-bedroom home she recently bought on an island off Stockholm with her children and husband, in a last-ditch attempt to save their union.
Tiger admitted publicy for the first time at the weekend that he had been unfaithful. He is taking an "indefinite break" from golf to work on saving his marriage, and to become a "better husband, father and person".
The golfer has been linked to 12 women since his car accident last month, which was said to have followed an argument with his wife over claims of his infidelities.