Doug Lebda, founder and CEO of LendingTree, died Sunday in an all-terrain vehicle (ATV) accident at a family farm in North Carolina, the company announced Monday. He was 55 years old.
Scott Peyree, LendingTree’s chief operating officer and president, has been appointed CEO effective immediately, while lead independent director Steve Ozonian will assume the role of board chairman.
Newsweek reached out to LendingTree via online form on Monday for comment.
Doug Lebda’s Impact and Legacy
Lebda’s death marks the loss of a pioneering figure in financial technology who fundamentally changed how Americans shop for loans. Under his leadership, LendingTree grew from a startup born of personal frustration into a publicly traded company that helps millions of consumers compare financial products.
His vision of simplifying the loan shopping process transformed an industry traditionally known for opacity and complexity into one where consumers could easily compare options online.
What To Know
Lebda founded LendingTree in 1996 after experiencing his own difficulties obtaining a first mortgage. The platform launched nationally in 1998 and went public in 2000, marking one of the early successes of internet-based financial services. After being acquired by IAC/InterActiveCorp, the company spun off independently again in 2008.
Today, LendingTree operates as a comprehensive online lending marketplace where users can find and compare loans for mortgages, credit cards, insurance and other financial products. The company, headquartered in Charlotte, North Carolina, has expanded to own multiple brands including CompareCards and Value Penguin.
Beyond LendingTree, Lebda co-founded Tykoon in 2010, a financial services platform designed to teach children and families about money management. He previously worked as an auditor and consultant for PricewaterhouseCoopers before launching his entrepreneurial career.
Company shares fell more than 4 percent in afternoon trading Monday following the announcement.
What People Are Saying
LendingTree Board of Directors: “Doug was a visionary leader whose relentless drive, innovation and passion transformed the financial services landscape, touching the lives of millions of consumers. His passion will continue to inspire us as we move forward together.”
Doug’s wife Megan Lebda, in a statement: “He was an amazing man with a heart so big it seemed to have room for everyone he met. Our hearts are broken, but we are also deeply grateful for the love and support that has poured in from across the world.”
Doug Lebda said in a 2012 Wall Street Journal interview: “All of my ideas come from my own experiences and problems.”
What Happens Next
LendingTree will continue operations under new leadership, with Peyree taking the helm as CEO and Ozonian serving as board chairman. The company faces the challenge of maintaining stability and direction during this leadership transition while honoring Lebda’s vision for consumer-focused financial services.
Lebda is survived by his wife, Megan, and three daughters—Rachel, Abby and Sophia. According to Megan Lebda’s statement, his legacy will continue both at LendingTree and “in the lives he touched.”
Reporting from the Associated Press contributed to this article.
