Sources told Us Weekly that the couple decided to call it quits after less than a year of dating because things just weren't working out.
Unlike her sister Mary-Kate Olsen -- who is often seen with her French banker boyfriend Olivier Sarkozy -- the former Full House star kept her relationship with Schulte on the down low for a long time.
Reports that Olsen was dating the CEO came in September of 2013. At the time, a source told Us Weekly that the relationship was "pretty new."
Olsen dated Hangover actor Justin Bartha from 2008 to 2011 and has been linked to designer Greg Chait and restaurateur Scott Sartiano.