SoulCycle's founders have resigned from the company

SoulCycle foundersCourtesy of SoulCycleJulie Rice (left) and Elizabeth Cutler

SoulCycle’s co-founders are leaving their positions at the brand.

Elizabeth Cutler and Julie Rice “have resigned as co-chief creative officers to ‘pursue new projects,'” Fortune reported. The co-founders will stay on the company’s board.

The pair founded SoulCycle a decade ago with one studio on the Upper West Side. The brand filed to go public in July, but gym brand Equinox currently owns a 97% stake.

SoulCycle’s third founder Ruth Zukerman, left the brand and started a major competitor called Flywheel.

Many cycling studios are vying to capture people who are interested in indoor cycling, but SoulCycle is the undisputed leader.

“There is really something about putting people in the dark, letting their endorphins flow, playing loud music — we call it the perfect storm,” Rice told The New York Times.

NOW WATCH: Watch the bizarre LA car chase that ended with selfies and high fives

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.