SoulCycle founders Elizabeth Cutler and Julie Rice have resigned as co-chief creative officers to “pursue new projects,” according to a three-sentence statement provided to Fortune by the company. The two will continue to serve on the board.
Cutler and Rice started the company with one spinning studio in 2006 on the Upper West Side of Manhattan. Today its nearly 60 locations across the country have developed a cult following. Health club Equinox first bought a majority stake in 2011, and now owns 97 percent of SoulCycle.
SoulCycle, which has been preparing for an IPO since last summer, saw its revenue hit $112 million in 2014, up from $36.2 million in 2012, according to its IPO filing. Income increased to $26.5 million from $7.8 million over the same period.
The New York Times reported in August that Rice and Cutler had largely cashed out: When Equinox increased its stake in SoulCycle last spring, the co-founders each received a payout of about $90 million.
Melanie Whelan, formerly SoulCycle’s operations chief, became CEO in June. Before joining Soul Cycle, Whelan was VP of business development at Equinox.