LendingTree announced Monday that its CEO and founder, Doug Lebda, died in an all-terrain vehicle accident over the weekend. He was 55 years old. The company said the accident took place on Sunday at a family farm in North Carolina.
In a statement, LendingTree’s board of directors described Lebda as “a visionary leader whose relentless drive, innovation and passion transformed the financial services landscape, touching the lives of millions of consumers.” The board added, “His passion will continue to inspire us as we move forward together.”
Following Lebda’s death, Scott Peyree, who was serving as chief operating officer and president, has been named CEO effective immediately. Steve Ozonian, the lead independent director on LendingTree’s board, has also been appointed chairman.
Shares of LendingTree dropped by more than 4% during afternoon trading on Monday.
Lebda founded LendingTree in 1996 with the goal to simplify loan shopping after facing difficulties securing his first mortgage. The platform launched nationally in 1998 and became public in 2000. It was acquired by IAC/InterActiveCorp before spinning off again as an independent company in 2008. Today, LendingTree operates an online marketplace where users can compare loans for mortgages, credit cards, insurance products and more. The company also owns brands such as CompareCards and Value Penguin.
Beyond his work at LendingTree, Lebda co-founded Tykoon in 2010 — a financial services platform aimed at children and families — and previously worked for PriceWaterhouseCoopers as an auditor and consultant.
“All of my ideas come from my own experiences and problems,” Lebda told The Wall Street Journal in a 2012 interview.
According to a spokesperson for LendingTree cited by The Associated Press, Lebda is survived by his wife Megan and their three daughters: Rachel, Abby and Sophia. In her statement about her husband’s passing, Megan Lebda said he “was an amazing man with a heart so big it seemed to have room for everyone he met.”
