SoulCycle cofounders step down


The souls behind SoulCycle have resigned.

On Friday, the company said cofounders Elizabeth Cutler and Julie Rice have left the boutique cycling studio 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,” according to a statement sent to CNNMoney.

Cutler and Rice — who were serving as chief creative officers — founded the company a decade ago. (Their third cofounder, Ruth Zukerman, left the company to start Flywheel, a competitor.)

The news, which was first reported by Fortune, comes nearly a year after the company filed to go public. In July 2015, SoulCycle — which is 97% owned by Equinox — filed its S-1.

Underwriters for the IPO include Goldman Sachs, Bank of America, Merrill Lynch, Citigroup and Cowen Company. They did not set an estimated date for the IPO, which it priced at a proposed $100 million.

Related: Soulcycle sued for selling classes that expire in 30 days

Now helming SoulCycle is Melanie Whelan, who took over as CEO in June 2015.

Whelan has been with the company since 2012, when she joined as chief operating officer. Prior to that, she worked as vice president of business development at Equinox.

The company has managed to build a cult-like following of SoulCyclers who cough up at least $34 a class — not including the cost to rent shoes — for a 45-minute cardio workout in a dark studio. Classes are all set to party music

In 2014, the company had roughly 235,000 people take their classes.

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