Doug Lebda, the CEO and founder of LendingTree, tragically passed away in an all-terrain vehicle accident over the weekend, as announced by the online lending platform on Monday. He was 55 years old.
LendingTree confirmed Lebda’s death occurred on Sunday at a family farm in North Carolina, prompting a period of mourning within the company. A spokesperson expressed the company’s sorrow over the unexpected loss.
“Doug was a visionary leader whose relentless drive, innovation and passion transformed the financial services landscape, touching the lives of millions of consumers,” stated LendingTree’s board of directors. “His passion will continue to inspire us as we move forward together.”
In the wake of Lebda’s death, Scott Peyree, who serves as the chief operating officer and president, has been named the new CEO effective immediately. Additionally, lead independent director Steve Ozonian will succeed Lebda as chairman of the board.
Following the announcement, LendingTree’s shares, based in Charlotte, North Carolina, saw a drop of over 4% in afternoon trading on Monday.
Lebda founded LendingTree in 1996 with the aim to simplify the loan shopping process after facing challenges obtaining his first mortgage. The platform was launched nationally in 1998 and became a publicly traded company in 2000. It was acquired by IAC/InterActiveCorp but became an independent entity again in 2008.
Today, LendingTree serves as a centralized online marketplace that allows users to find and compare loans for mortgages, credit cards, insurance, and other financial products. Additionally, LendingTree, Inc. owns several brands in the financial sector, including CompareCards and Value Penguin.
In 2010, Lebda co-founded Tykoon, a financial services platform for children and families. He began his career as an auditor and consultant for PriceWaterhouseCoopers.
“All of my ideas come from my own experiences and problems,” Lebda once explained in a 2012 interview with The Wall Street Journal.
Also Read : Real American’ Makes Historic Debut, Not as Hulk Hogan’s Entrance Theme
Doug Lebda is survived by his wife, Megan, and their three daughters, Rachel, Abby, and Sophia, as confirmed by a LendingTree spokesperson. In a heartfelt statement, Megan remarked, “He was an amazing man with a heart so big it seemed to have room for everyone he met.” She added, “Our hearts are broken, but we are also deeply grateful for the love and support that has poured in from across the world,” emphasizing that his legacy will endure both at LendingTree and in the lives he impacted.
