Le Chaux-de-Fonds, Switzerland--Yet another party is speaking out in connection with the Tiger Woods scandal--but this time it's not another alleged mistress, but watch brand TAG Heuer, which says it is sticking by its longtime brand ambassador.

In a media release issued on Friday, TAG Heuer confirmed that the company would continue its relationship with Woods, "but will respect his desire of privacy by modifying his role in the coming months' marketing programs."

"The partnership with Tiger Woods will continue, but we will downscale the use of his image in certain markets for a period of time, depending on his decision about returning to professional golf," Jean-Christophe Babin, president and CEO of TAG Heuer, said in the release. "We will continue to actively support the Tiger Woods Foundation."

Woods became a TAG Heuer brand ambassador in 2002, and his face has appeared throughout the brand's campaigns worldwide including its high-profile "What are you made of?" print campaign.

Last week, Woods, who is 33 and a father of two, acknowledged that he had been unfaithful to his wife and was taking a hiatus from the sport indefinitely.

Amid the scandal, another Woods sponsor, Gillette, announced it would cut back on its advertising with Woods. AT and T said it was evaluating its ongoing relationship with the golf champ, and the global consulting firm Accenture axed its six-year relationship with Woods altogether.

But TAG Heuer, a Swiss watchmaking brand that is part of the Paris-based luxury conglomerate LVMH Moet Hennessy Louis Vuitton, seems to be taking a longer view on its relationship with Woods, who was just named PGA Tour Player of the Year.

"The relationship between the leader in prestigious sports watches and chronographs since 1860 and golf virtuoso Tiger Woods has always been extremely professional and productive," the company said in the statement.