SoulCycle spin studio co-founders depart

Five years after becoming "workout buddies" with health club Equinox, the founders of SoulCycle are moving on.

Elizabeth Cutler and Julie Rice, who started SoulCycle a decade ago with one studio in New York City, are stepping down as co-chief creative officers to pursue other projects, but they'll continue on the company's board, according to published reports.

Described by The New York Times as a "sort of spinning self-help therapy session with dim lighting and a primal dance beat," the 60-location nationwide company has a cult following. And that's despite the upscale aerobic experience costing $34 a class, as unlike the Y and other gyms, SoulCycle doesn't have an unlimited membership option.

Equinox bought a majority stake in 2011 and now owns 97 percent of SoulCycle.