LendingTree, Inc. announced Monday its founder and CEO Doug Lebda died unexpectedly in an all-terrain vehicle accident over the weekend.
The board has appointed LendingTree’s Chief Operating Officer and President, Scott Peyree, to succeed Lebda, effective immediately.
"We are deeply saddened by the sudden passing of Doug. Doug was a visionary leader whose relentless drive, innovation and passion transformed the financial services landscape, touching the lives of millions of consumers," the board of directors said in a statement.
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The board said Lebda "dedicated himself to building a company rooted in consumer empowerment, championing a mission to simplify financial decisions and fostering economic opportunity for all" since its founding in 1996.
LendingTree is one of the nation’s largest online financial platforms, providing offers for loans, credit cards, insurance, and more through a network of approximately 430 financial partners. Lebda, who graduated from Bucknell University and earned his MBA from the University of Virginia’s Darden School of Business, was with the company for 26 years.
He founded the company with the goal of simplifying the loan-shopping process by creating a website that took the legwork out of running to multiple banks for information.
"Instead of physically going to multiple banks, customers could go to a website where the banks would compete for their business," LendingTree's website reads.
After launching nationally in July 1998, he led LendingTree through its IPO in 2000, the dot-com meltdown of 2001 and a sale to IAC/InterActiveCorp in 2003.
Between 2005 and 2008, Lebda served as IAC’s President and Chief Operating Officer, and in 2008, joined the newly formed Tree.com, which rebranded as LendingTree, as it spun out from IAC as a separate public company. Before the of founding LendingTree, Lebda worked as an auditor and consultant for PriceWaterhouseCoopers.
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In a statement, Peyree said Lebda’s passing was devastating, "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 the shared vision Doug and I worked toward for the future."
The board said it will work closely with Peyree to honor Lebda’s vision, emphasizing that the company is "committed to upholding his legacy and continuing the work he began with passion, integrity, and dedication."
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Lead independent director, Steve Ozonian, will serve as the chairman of the board effective immediately. Ozonian joined the Board in 2008.
Ozonian thanked Peyree for his "outstanding commitment and focus" at the company and expressed confidence in his "ability to continue leading LendingTree into the future."
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Shares of the company's stock fell on the news of Lebda's death.
