Beloved Austin-based athleticwear startup Outdoor Voices was dealt another blow this week when founder and former CEO Tyler Haney suddenly resigned from the company. Haney, a Parsons School of Design alum, founded Outdoor Voices (“OV”) as an alternative for customers whose attitude towards exercising might not align with the fierce messaging of brands like Nike or Under Armour. (Seriously, who murmurs to themselves, “We will protect this house!®” while dressing for Hatha yoga?)

The brand quickly amassed a cult-like following and attracted the attention of industry leaders like Mickey Drexler, who served as Chairman of the Board until 2019. OV has raised over 64 million dollars since launching in 2013; in 2018, its Series C alone raised 34 million dollars.

Last week, however, the Board of Directors asked Haney to step down as CEO due to ongoing financial turmoil. Reports surfaced that OV lost approximately 2 million dollars each month in 2019, though its 2019 annual sales were around 40 million dollars. Though fifteen employees are reported to have been laid off amidst the shakeup, none of OV’s eleven brick-and-mortar locations are expected to close at this time. While Haney will no longer be working with OV, she will retain her 10% stake in the company.