Doug Lebda, the founder of LendingTree in 1996, died Sunday in an ATV accident, the online loan company said Monday. He was 55. Photo courtesy of LendingTree
Doug Lebda, the founder and CEO of LendingTree, died in an ATV accident, the online loan company said Monday. He was 55.
The accident occurred at a family farm in North Carolina on Sunday, a company spokesperson told The Detroit News.
“We are deeply saddened by the sudden passing of Doug,” the Board of Directors said in a statement. “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, where the company said he “dedicated himself to building a company rooted in consumer empowerment, championing a mission to simplify financial decisions and fostering economic opportunity for all.”
At that time, the Internet was slow dial-up and only had rudimentary web browsers, with about only 20 million users in the United States.
“Instead of physically going to multiple banks, customers could go to a website where the banks would compete for their business,” a bio on Lebda said on its website.
Lebda previously worked as an auditor and consultant for PriceWaterhouseCoopers. In 2010, he also co-founded a financial services platform for children and families called Tykoon.
“All of my ideas come from my own experiences and problems,” Lebda told the Wall Street Journal in a 2012 interview.
LendingTree, based in Charlotte, N.C., announced that Scott Peyree, LendingTree’s chief operating officer and president, will take over as president and CEO. Steve Ozonian, the lead independent director on the company’s board, will serve as chairman of the board.
“The news of losing Doug was devastating,” Peyree said in a statement. “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 offers customers access to the “best offers” on loans, credit cards, insurance and more through its network of approximately 430 financial partners,” the company said.
“Since its founding, LendingTree has helped millions of customers obtain financing, save money, and improve their financial and credit health in their personal journeys,” the company said.
LendingTree, which went public in 200, was acquired by Internet conglomerate IAC/InterActiveCorp in 2003 and was spun off on its own again in 2008.
The company’s stock price closed down 3.92% at the closing of trading on Monday on Nasdaq.
LendingTree had $900 million in revenue in 2024 with an operating income of $44.6 million after a $40.6 million loss in 2023, according to its filing with the Securities and Exchange Commission.
