Melanie Whelan is resigning as CEO of SoulCycle, New York, effective immediately, according to a Nov. 26 report by CNBC. Whelan will also vacate her position on the company's governing board.
Both Wheelan and the company's upper management felt ready for a change in leadership, according to an anonymous source who spoke with CNBC.
Whelan was named CEO in July 2015 after joining SoulCycle as COO in 2012. She was previously vice president of business development at Equinox, SoulCycle's sister brand.
“I’m deeply grateful for the opportunity to have led the SoulCycle team and brand over the past nearly eight years during a transformational time for this amazing community,” Whelan told CNBC. “The future is bright for this one-of-a-kind organization, and I will be cheering on its continued growth and success.”
SoulCycle CFO Sunder Reddy has been named interim CEO while the board searches for Whelan's permanent replacement. Whelan will continue to advise the company during the transition period.
“Melanie and I have worked together for many years, and I look forward to seeing what she conquers next,” SoulCycle Executive Chairman Harvey Spevak told CNBC. “We’re grateful to have such a strong interim leader in Sunder throughout this transition and are actively supporting him as we search for a permanent replacement.”
Under Whelan's leadership, SoulCycle filed for an initial public offering in 2015 but later withdrew its proposal citing market conditions.
In August 2019, SoulCycle teased the launch of its first at-home bike that the company plans to market directly to consumers.
Also in August, SoulCycle faced boycotts after company owner Stephen Ross' support of President Trump became widely publicized. A statement distancing SoulCycle from Ross' politics was posted to the brand's Facebook page on Aug. 7 and was signed by Whelan.
SoulCycle did not immediately respond to Club Industry's request for comment, but a company spokesperson told CNBC it was not commenting further on Whelan's resignation.