NEW YORK (AP) — LendingTree CEO and founder Doug Lebda passed away in an all-terrain vehicle accident over the weekend, as stated by the online lending platform on Monday. He was 55.
According to a company announcement, LendingTree confirmed that Lebda passed on Sunday, and the company is mourning his sudden passing. A spokesperson indicated that the accident took place at a family farm in North Carolina.
“Doug was a visionary leader whose relentless drive, innovation and passion transformed the financial services landscape, impacting the lives of millions of consumers,” LendingTree’s board of directors expressed 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 taken over as CEO, effective immediately. Additionally, lead independent director Steve Ozonian will assume Lebda’s position as chairman of the board, the company announced.
Shares of Charlotte, North Carolina-based LendingTree fell more than 4% by afternoon trading on Monday.
Lebda established LendingTree in 1996 with the aim to “simplify the loan shopping process” after experiencing his own challenges when obtaining his first mortgage, as noted on LendingTree’s website. The platform was launched nationally in 1998 and became a publicly traded company in 2000. It was eventually acquired by the internet conglomerate IAC/InterActiveCorp, before separating on its own again in 2008.
Currently, LendingTree’s primary online lending marketplace assists users in finding and comparing loans for mortgages, credit cards, insurance needs, and more. LendingTree, Inc. also owns several brands within 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.”
