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NEW YORK (AP) — LendingTree CEO and founder Doug Lebda died in an an all-terrain vehicle accident over the weekend, the online loaning platform said Monday. He was 55.
In a company announcement, LendingTree confirmed that Lebda died on Sunday and that the company was greiving his unexpected death. A spokesperson said the accident occured at a family farm in North Carolina.
“Doug was a visionary leader whose relentless drive, innovation and passion transformed the financial services landscape, touching the lives of millions of consumers,” LendingTree’s board of directors said in a prepared statement. “His passion will continue to inspire us as we move forward together.”
Scott Peyree, LendingTree’s chief operating officer and president, has now been appointed CEO effective immediately. And lead independent director Steve Ozonian will also step into Lebda’s role as chairman of the board, the company said.
Shares of Charlotte, North Carolina-based LendingTree fell more than 4% by afternoon trading on Monday.
Lebda founded LendingTree in 1996 — to “simplify the loan shopping process” after experiencing his own frustrations when getting his first mortgage, LendingTree’s website notes. The platform launched nationally in 1998 and became a public company in 2000. It was later acquired by internet conglomerate IAC/InterActiveCorp, before spinning off on its own again in 2008.
Today, LendingTree’s central online loaning marketplace helps users find and compare loans for mortgages, credit cards, insurance needs and more. LendingTree, Inc. also owns brands across the financial sector — including CompareCards and Value Penguin.
In addition to his multiple-decade career at LendingTree, Lebda also co-founded a financial services platform for children and families called Tykoon in 2010. He previously worked as an auditor and consultant for PriceWaterhouseCoopers.
“All of my ideas come from my own experiences and problems,” Lebda told The Wall Street Journal in a 2012 interview.
Lebda is survived by his wife, Megan, and three daughters — Rachel, Abby and Sophia — LendingTree’s spokesperson told The Associated Press. In a statement, Megan Lebda said her husband “was an amazing man with a heart so big it seemed to have room for everyone he met.”
“Our hearts are broken, but we are also deeply grateful for the love and support that has poured in from across the world,” she said — adding that his legacy will continue both at LendingTree and in “the lives he touched.”
