Market Overview

SoulCycle CEO Resigns In 'Mutual Agreement' With The Board

SoulCycle CEO Resigns In 'Mutual Agreement' With The Board

New York-based fitness company SoulCycle’s Chief Executive Officer Melanie Whelan has resigned from her post, Vox reported on Tuesday.

'Deeply Grateful'

SoulCycle’s Chief People Officer Adrienne Gemperle said in an email to the company’s employees that was reviewed by Vox that the resignation came as a “mutual agreement” between the company’s board and Whelan: “We’d like to inform you that we recently reached a mutual agreement with our board in which Melanie will resign from her position as CEO and director effective today.” 

Whelan will also step down from her position as the board’s director.
“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 the employees in the email, according to Vox.

The company’s Chief Financial Officer Sunder Reddy will take over as the interim CEO.

IPO That Didn't Happen And Trump

SoulCycle has been attempting to go public unsuccessfully under Whelan’s leadership, ever since she took over as the CEO in 2015.

The fitness company filed for an initial public offering to raise $100 million in July 2015 but ultimately abandoned its plans in 2018, citing “market conditions,” as reported by CNN at the time.

SoulCycle faced calls for boycotts in August when its lead investor Stephen Ross hosted a fundraiser for President Donald Trump’s election campaign, the Washington Post reported at the time.

Photo Credit: Ajay Suresh via Wikimedia 

Posted-In: CNNMoney Donald TrumpNews Politics Management IPOs Media General Best of Benzinga


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