The Founders of SoulCycle Have Resigned

1 minute read
Julie Rice (L) and Elizabeth Cutler, Co-Founders and Chief Creative Officers of SoulCycle attend 'Creating a Movement: The Story of Soul Cycle' during the 2016 SXSW Music, Film + Interactive Festival at Austin Convention Center on March 15, 2016 in Austin, Texas. (Photo by Mindy Best/Getty Images for SXSW)
Julie Rice (left) and Elizabeth Cutler, Co-Founders and Chief Creative Officers of SoulCycle attend 'Creating a Movement: The Story of Soul Cycle' during the 2016 SXSW Music, Film + Interactive Festival at Austin Convention Center in Austin on Mar. 15, 2016.Mindy Best— Getty Images for SXSW
By Charlotte Alter

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.

Read more at Fortune.

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Write to Charlotte Alter at charlotte.alter@time.com