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.
At the time of the IPO announcement, Cutler and Rice were each paid $89.8 million. At that time, the announcement also noted that Cutler and Rice would serve as co-chief creative officers in SoulCycle Inc. until at least December 2018.
In March, Equinox CEO Harvey Spevak shared on Bloomberg TV that the IPO had been delayed due to a weak stock market.
In January and February, SoulCycle offered free classes in 10 cities around the country where the company said it was looking to expand. The classes were part of a partnership with Target and included SoulCycle-branded merchandise.
Melanie Whelan was promoted to CEO of SoulCycle in July 2015 at the time of the IPO announcement.