SoulCycle CEO Melanie Whelan stresses the importance of profit and loss responsibility for women in business

Melanie-Whelan-SoulCycle

Melanie Whelan has been at the helm of the famous fitness chain SoulCycle since 2015. Recently she sat with CNBC’s Adam Bryant, as part of his ‘Two Questions’ series where she gave advice to women in the earlier stages of their careers aspiring to eventually covet leadership positions.

“One of the things I think that really informed my career was pivoting into a role where I owned P&L (profit and loss),” she explains. “Understanding the way the mechanics of a business work – the growth levers that you have, the accountability of driving profitability for a business – really enabled me to think critically, to build a team, to rally them around a goal.”

“Oftentimes younger women in their careers, I really challenge them to get into those kinds of roles where they’re owning a team, they’re owning a P&L, they’re ultimately accountable for delivering a big part of a strategic plan, because I think that positions them well for leadership positions in their future. And I think ultimately the way we’re going to solve this problem of only 4% of the CEOs in Fortune 500 companies being women is by priming the pump and making sure that we’ve got that pipeline of female talent coming up. We have got to open the floodgates so that we have a great future pipeline of female leadership.”

Hear more of what she had to say below.

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