Elizabeth Cutler and Julie Rice, who co-founded SoulCycle, New York, in 2006, resigned their positions as co-chief creative officers today, Fortune reports. The two will continue on the board for SoulCycle, according to the report. SoulCycle has been owned by Equinox since 2011.
A statement provided to Fortune said that the two would "pursue new projects." A Club Industry request to SoulCycle for comment has not yet been returned.
The news comes as SoulCycle pursues an initial public offering (IPO) that was announced in summer 2015 but has been delayed. According to the company's IPO filings, it had $112 million in revenue in 2014. That compares to 2013 revenue of $75.3 million and 2012 revenue of $36.1 million.
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