SoulCycle CEO Melanie Whelan has resigned, marking the end of a tumultuous year for the boutique fitness company
- SoulCycle CEO Melanie Whelan is stepping down from the company as part of a "mutual agreement" between Whelan and the board, a spokesperson for the company confirmed to Business Insider.
- Sunder Reddy, SoulCycle's chief financial officer, will take over as interim CEO as the company seeks a replacement.
- "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 said in a statement shared with Business Insider.
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SoulCycle CEO Melanie Whelan has resigned from her position after seven years with the company.
A spokesperson for SoulCycle confirmed to Business Insider that the move is a "mutual agreement" between Whelan and the board, effective today. Sunder Reddy, SoulCycle's chief financial officer, will take over as interim CEO as the company looks to appoint a replacement for Whelan, who is expected to help with the transition.
"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 said in a statement shared with Business Insider. "The future is bright for this one-of-a-kind organization and I will be cheering on its continued growth and success."
Though a reason for her departure was not initially provided, CNBC Make It first reported that "both sides felt it was time for a leadership transition," according to a source who asked not to be named.
Whelan started at the company in 2012 as chief operating officer before taking the helm in 2015. Shortly after, the company filed for an initial public offering only to withdraw it in 2018. She previously worked as vice president of business development at Equinox.
2019 was a particularly tumultuous year for the fitness brand, after it was the subject of nationwide backlash and mass boycotts after reports that Stephen Ross, the chairman of the company that owns both SoulCycle and Equinox, had ties to President Donald Trump. The Related Cos. acquired Equinox in 2005, and Ross sits on the board of directors; SoulCycle is owned by Equinox.
In August, Ross held a reelection fundraiser at his private Hamptons home, prompting SoulCycle riders and Equinox members to say they would be quitting their memberships and canceling their classes en masse.
In a statement sent to Business Insider, Harvey Spevak, executive chairman of SoulCycle, thanked Whelan for her work with the company.
"We want to thank Melanie for her hard work and dedication to SoulCycle," he said. "Melanie and I have worked together for many years and I look forward to seeing what she conquers next. 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."