Doug Lebda, the founder and CEO of LendingTree, died Sunday in an ATV accident at his family’s farm in North Carolina, the company he founded announced Monday.
Lebda was 55 years old and leaves behind a legacy as a pioneering entrepreneur who helped reshape the landscape of online consumer financial services, officials for the company said.
LendingTree, a Charlotte-based online loan platform, said it was “grieving his unexpected death,” confirming the accident occurred at a family property. Lebda’s wife, Megan, and their three daughters—Rachel, Abby, and Sophia—survive him.
“Our hearts are broken, but we are also deeply grateful for the love and support that has poured in from across the world,” Megan said in a statement. “His legacy will continue both at LendingTree and in the lives he touched.”
In the wake of Lebda’s sudden death, LendingTree’s chief operating officer and president, Scott Peyree, has been named CEO, effective immediately. Lead independent director Steve Ozonian was appointed chairman of the board.
“I look forward to leading our team and continuing our shared vision with Doug into the future,” Peyree said in a statement.
Ozonian, who has served on LendingTree’s board since 2008, thanked Peyree for his dedication to driving the company forward, stating: “We have the utmost confidence in his ability to continue to lead LendingTree into the future.”
Shares of LendingTree dropped more than 4 percent during afternoon trading on Monday.
Lebda’s frustration obtaining his first mortgage in the mid-1990s inspired him to create LendingTree, according to his biography. His concept was simple yet transformative: allow banks to compete for customers’ business on a single online platform, eliminating the need for borrowers to shop at multiple banks in person. LendingTree was founded in 1996 and launched nationally two years later, growing rapidly amid the dot-com boom and weathering industry turbulence.
The company went public in 2000, was acquired by IAC/InterActiveCorp in 2003, and spun off again in 2008 as a standalone public entity known as Tree.com, later returning to the LendingTree brand. Lebda later became IAC’s president and chief operating officer before rejoining LendingTree.
Under Lebda’s leadership, LendingTree expanded beyond mortgage comparison. Today, it operates as one of the country’s largest online marketplaces for personal loans, credit cards, insurance, and other financial products. LendingTree works with a network of around 430 financial partners and owns several sector-related brands, such as CompareCards and ValuePenguin.
In addition to his role at LendingTree, Lebda co-founded Tykoon in 2010, a financial services platform designed to help children and families manage their finances. Before his entrepreneurial ventures, Lebda worked as an auditor and consultant for PriceWaterhouseCoopers. He earned a Bachelor of Science from Bucknell University and an MBA from the University of Virginia’s Darden School of Business.
Throughout his career, Lebda has used his personal experience to drive innovation. “All of my ideas come from my own experiences and problems,” he told The Wall Street Journal in a 2012 interview.
LendingTree’s board 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 reaffirmed its commitment to honoring Lebda’s vision, stating, “We are committed to upholding his legacy and continuing the work he began with passion, integrity and dedication.”