LendingTree, Inc. announced Monday that founder and CEO Doug Lebda died unexpectedly in an all-terrain vehicle accident over the weekend. He was 55.
The company’s board appointed Chief Operating Officer and President Scott Peyree as Lebda’s successor, effective immediately.
“We are deeply saddened by the sudden passing of Doug,” the board said in a statement, according to Fox Business. “Doug was a visionary leader whose relentless drive, innovation, and passion transformed the financial services landscape, touching the lives of millions of consumers.”
Lebda founded LendingTree in 1996 to simplify the loan-shopping process for consumers. The company grew into one of the nation’s largest online lending platforms, partnering with more than 400 financial institutions to provide loan, credit card, and insurance offers.
“Instead of physically going to multiple banks, customers could go to a website where the banks would compete for their business,” the company’s website explains.
Before creating LendingTree, Lebda worked as an auditor and consultant for PriceWaterhouseCoopers. Between 2005 and 2008, he served as president and chief operating officer of IAC before returning to lead Tree.com, which later rebranded as LendingTree.
Lebda graduated from Bucknell University and earned his MBA from the University of Virginia’s Darden School of Business. The board credited him with “championing a mission to simplify financial decisions and foster economic opportunity for all.”
Peyree called Lebda’s passing “devastating” but praised the strength of the leadership team Lebda built. “One of the most immediate impacts of his legacy is the strong management team he put in place at LendingTree,” Peyree said. “I look forward to leading our team and continuing the shared vision Doug and I worked toward for the future.”
The board also appointed lead independent director Steve Ozonian as chairman. Ozonian thanked Peyree for his “outstanding commitment and focus” and said he is confident in his ability to guide the company. LendingTree shares fell following the announcement of Lebda’s death.