The founder and CEO of Lending Tree, Doug Lebda, died in an all-terrain vehicle accident over the weekend at his family’s farm in North Carolina.
Lebda started the company in 1996 to “simplify the loan shopping business” after he experienced the frustrations of acquiring his first mortgage, according to the company’s website. He was 55.
The entrepreneur is survived by his wife, Megan, and three daughters, Rachel, Abby and Sophia.
LendingTree confirmed its founder died on Sunday following an accident at the farm.
“Our hearts are broken, but we are also deeply grateful for the love and support that has poured in from across the world,” his wife, Megan Lebda, said in a statement. “Doug’s legacy will continue in the company he built, the lives he touched, and the example he set for all of us to lead with kindness, courage, and compassion.”
Lebda, who grew up in Lewisburg, Pennsylvania, started several businesses as a teenager — mowing lawns, cleaning pools and even selling fireworks — before he went to college at Bucknell University, the Wall Street Journal reported.
His experience shopping for a mortgage when he went out to buy his first home inspired LendingTree. Lebda took the company public in 2000 and sold it in 2003 to InterActiveCorp, when it was valued at $726 million. The company later spun off on its own again in 2008, when IAC shed it thanks to the recession.
Now, LendingTree’s online loaning marketplace helps people find and compare loans for mortgages, credit cards, insurance needs and more. The company also owns other brands across the financial sector, including CompareCards and ValuePenguin. He also founded a financial services platform for children and families called Tykoon in 2010.
“All of my ideas come from my own experiences and problems,” he told The Wall Street Journal in a 2012 interview.
“Doug was a visionary leader whose relentless drive, innovation and passion transformed the financial services landscape, touching the lives of millions of consumers,” LendingTree’s board of directors said in a statement. “His passion will continue to inspire us as we move forward together.”
Scott Peyree, the company’s chief operating officer, has since been appointed CEO, effective immediately. Lead independent director, Steve Ozonian, will fill Lebda’s role as chairman of the board, the company said.
“The news of losing Doug was devastating,” Peyree said in a news release. “But one of the most immediate impacts of his legacy is the strong management team he put in place at LendingTree.”
With reporting by the Associated Press.
