SoulCyle founders Elizabeth Cutler and Julie Rice have resigned from the massive fitness company they started in 2006, Fortune reports. They are reportedly going on to pursue other projects.
Health club giant Equinox bought a majority stake in the company in 2011, and now owns 97% of SoulCycle as it prepares for an IPO. The company saw its revenue triple between 2012 and 2014, from $36.2 million to $112 million. Cutler and Rice reportedly each got a payout of $90 million when Equinox upped its stake last spring.