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SoulCycle’s Founders Have Resigned

A SoulCycle class in Miami
A SoulCycle class in Miami
Photo: Alexander Tamargo/Getty Images

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The founders of SoulCycle just resigned from their roles at the indoor cycling brand, Fortune reports. Elizabeth Cutler and Julie Rice are stepping down to "pursue new projects," according to this brief statement SoulCycle issued to Racked.

Founders Elizabeth Cutler and Julie Rice have resigned their roles as co-chief creative officers at SoulCycle to pursue new projects. They will continue to serve on the board to support the long-term vision of SoulCycle. We are forever grateful to Elizabeth and Julie for creating this incredible company.

SoulCycle has been preparing for an IPO since this past summer, when it revealed that it pulled in $112 million in revenue in 2014. Gym brand Equinox owns 97% of SoulCycle, having first bought a majority stake in 2011.

The New York Times reported that Rice and Cutler essentially cashed out this past spring ahead of the public offering, with each receiving a payout of nearly $90 million after Equinox increased its stake in SoulCycle.

Rice and Cutler founded the company in 2006, and they've been credited with helping kickstart the boutique fitness craze. "It’s both efficient and joyful," Rice explained to Racked in 2015 about the vision behind SoulCycle. "In 45 minutes, you are not only toning your body, and getting your cardio and burning calories. Most people say that they come for their bodies and stay for their minds."