Doug Lebda, the founder, chairman and CEO of LendingTree, has died following an all-terrain vehicle accident, the company announced Monday.
Lebda, who was 55, founded the online lending marketplace in 1996. The company’s website lets borrowers compare rates and shop for loans across a range of products, including mortgages, credit cards and auto loans.
The press release announcing Lebda’s death included a statement from LendingTree’s board of directors, which noted that Lebda “dedicated himself to building a company rooted in consumer empowerment, championing a mission to simplify financial decisions and fostering economic opportunity for all.”
“We are deeply saddened by the sudden passing of Doug,” the board of directors wrote. “Doug was a visionary leader whose relentless drive, innovation and passion transformed the financial services landscape, touching the lives of millions of consumers.”
Scott Peyree, the company’s chief operating officer and president, was tapped by the board to take over as CEO, effective immediately. Steve Ozonian, a board member since 2008, has been appointed chairman.
“The news of losing Doug was devastating,” Peyree said in a statement. “But one of the most immediate impacts of his legacy is the strong management team he put in place at LendingTree. I look forward to leading our team and continuing our shared vision with Doug into the future.”
Prior to founding LendingTree, Lebda worked as an auditor and consultant at PricewaterhouseCoopers (PwC), one of the “Big Four” accounting firms.
Lebda guided LendingTree through multiple corporate restructurings, including its initial public offering in 2000; its acquisition by IAC in 2003; the spinoff of LendingTree and other assets as Tree.com in 2008; and the dissolution of the Tree.com corporate structure in 2015, when the company moved to reconsolidate under the core LendingTree brand.
