LendingTree CEO Doug Lebda Dies in SUV Accident
LendingTree CEO and founder Doug Lebda died in an SUV accident over the weekend, the online lending platform said Monday. He was 55.
Confirmation and Reaction
In a company statement, LendingTree confirmed that Lebda died on Sunday and that the company was mourning his unexpected death. A spokesman said the accident occurred on a family farm in North Carolina. “Doug was a visionary leader whose tireless drive, innovation and passion transformed the financial services landscape and touched the lives of millions of consumers,” LendingTree’s board said in a prepared statement. “His passion will continue to inspire us as we move forward together.”
Succession and Market Impact
Scott Peyree, Chief Operating Officer and President of LendingTree, has now been named CEO, effective immediately. And senior independent director Steve Ozonian will also take over Lebda’s role as executive chairman, the company said. Shares of Charlotte, North Carolina-based LendingTree fell more than 4% in afternoon trading Monday.
Legacy of LendingTree
According to LendingTree’s website, Lebda founded LendingTree in 1996 to "simplify the loan buying process" after experiencing his own frustration getting his first mortgage. The platform was launched nationwide in 1998 and became a public company in 2000. It was later taken over by the internet company IAC/InterActiveCorp before becoming independent again in 2008. Today, LendingTree’s centralized online lending marketplace helps users find and compare loans for mortgages, credit cards, insurance needs and more.
Career and Personal Life
In addition to his decades-long career at LendingTree, Lebda co-founded a financial services platform for children and families called Tykoon in 2010. He previously worked as an auditor and consultant for PriceWaterhouseCoopers. Lebda is survived by his wife, Megan, and three daughters. In a statement, Megan Lebda said her husband was "an amazing man with a heart so big that there seemed to be room for everyone he met.” “Our hearts are broken, but we are also deeply grateful for the love and support that has come to us from around the world,” she said, adding that his legacy will endure both at LendingTree and in “the lives he touched.”
