Doug Lebda, the founder and chief executive of LendingTree, died unexpectedly in an all-terrain vehicle accident over the weekend, the company announced Monday. He was 55.
The online lending marketplace said in a statement that Lebda’s death occurred Sunday and described him as a “visionary leader whose relentless drive, innovation and passion transformed the financial services landscape, touching the lives of millions of consumers.”
The Charlotte-based company’s board appointed President and Chief Operating Officer Scott Peyree as president and CEO effective immediately, and named Steve Ozonian, a longtime director, as chairman of the board.
“The news of losing Doug was devastating,” Peyree said.
“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 our shared vision with Doug into the future.”
LendingTree’s shares fell about 9% — from nearly $61 a share to roughly $56.91 on Monday following the announcement, extending a 10% slide over the past week.
Trading in the stock was briefly halted pending news of Lebda’s death. The shares have traded between $33.50 and $77.35 over the past 52 weeks.
Lebda founded LendingTree in 1996 after struggling to obtain a mortgage and envisioning a digital marketplace where banks could compete to offer borrowers the best terms.
The company launched online in 1998, went public on the Nasdaq in 2000 under the ticker symbol TREE, and grew into one of the country’s largest financial comparison platforms.
Over nearly three decades, Lebda expanded LendingTree’s offerings beyond mortgages to include credit cards, auto loans, insurance and small-business financing.
The company now partners with more than 500 lenders nationwide.
“The board will work closely with Scott and the leadership team to honor Doug’s vision,” Ozonian said in the company’s statement.
“We are committed to upholding his legacy and continuing the work he began with passion, integrity and dedication.”
The Post has sought comment from LendingTree.
Born Jan. 29, 1970, in Syracuse, Lebda earned a bachelor’s degree from Bucknell University and later received an MBA from the University of Virginia’s Darden School of Business.
He began his career as an auditor at PricewaterhouseCoopers, where he became frustrated by how opaque and cumbersome the mortgage process was for consumers.
That experience inspired him to launch LendingTree in 1996.
The company was founded on the idea of allowing banks and lenders to compete for borrowers online — a model that predated the fintech boom by nearly two decades.
LendingTree went public in 2000, was later acquired by IAC/InterActiveCorp, and eventually spun out again in 2008.
Under Lebda’s leadership, the company diversified beyond mortgages to include personal loans, credit cards, auto loans, insurance and small-business products, partnering with more than 400 lenders nationwide.
In addition to running LendingTree, Lebda served on several corporate boards and was active in Charlotte’s civic and philanthropic community.
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