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.
More Must-Reads From TIME
- The 100 Most Influential People of 2024
- Coco Gauff Is Playing for Herself Now
- Scenes From Pro-Palestinian Encampments Across U.S. Universities
- 6 Compliments That Land Every Time
- If You're Dating Right Now , You're Brave: Column
- The AI That Could Heal a Divided Internet
- Fallout Is a Brilliant Model for the Future of Video Game Adaptations
- Want Weekly Recs on What to Watch, Read, and More? Sign Up for Worth Your Time
Write to Charlotte Alter at charlotte.alter@time.com