SoulCycle’s founders resigned from the company on Friday to “pursue new projects.” The founders, Elizabeth Cutler and Julie Rice, left their positions as co-chief creative officers. They will still serve on the board.
SoulCycle released a statement about the resignations, noting that the pair continues “to support the long-term vision of SoulCycle.” The statement added, “We are forever grateful to Elizabeth and Julie for creating this incredible company.”
Cutler and Rice started the company with one studio in 2006 located on the Upper West Side of Manhattan. Today the company has close to 60 locations across the country and has developed a cult following. The company is known for its loyal clients who sign up for each week’s class at 12pm on the dot on Monday.
Membership at SoulCycle can be pricey, since the studio chain doesn’t offer an unlimited membership plan. Instead, cyclists pay $34 per class. The company has also seen criticism for its famous front-row policy. New riders are forbidden from riding a bike in the front of the studio, notes Business Insider.
SoulCycle’s third founder, Ruth Zukerman, left the brand already to start Flywheel, a major competitor to SoulCycle. Zukerman noted that her new company was meant to be an inclusive studio instead of exclusive.
In 2015, Zukerman explained, “We have created a very kind of supportive and encouraging community of people where it’s not about who’s prettier or who has more jewelry or who has the better workout outfit.”
SoulCycle has also been preparing for an IPO since announcing it last summer. Its revenue hit $112 million in 2014, up from $36.2 million in 2012. Fortune, which claimed an exclusive on the news of the co-founders’ resignations, noted that Rice and Cutler largely cashed out on the business last Spring. They received a payout of about $90 million each when Equinox increased its stake in the company.
Melanie Whelan is SoulCycle’s current CEO.