New York — LendingTree CEO and founder Doug Lebda died in an all-terrain vehicle accident over the weekend, the online lending platform said Monday. He was 55 years old.
In an announcement by the company, LendingTree confirmed that Labda died on Sunday and that the company mourns his unexpected death. A spokesman said the incident occurred on a family farm in North Carolina.
“Doug was a visionary leader whose tireless drive, innovation and passion transformed the financial services landscape, impacting the lives of millions of consumers,” LendingTree’s board of directors said in a prepared statement. “His passion will continue to inspire us as we move forward together.”
Scott Perry, President and Chief Operating Officer of LendingTree, has now been named CEO effective immediately. Lead independent director Steve Ouzounian will also take over for Lebda as chairman of the board, the company said.
Shares of Charlotte, North Carolina-based LendingTree were down more than 4% by Monday afternoon trading.
Lebda founded LendingTree in 1996 — to “simplify the loan purchasing process” after experiencing the frustrations of getting his first mortgage, LendingTree’s website notes. The platform launched nationally in 1998 and became a public company in 2000. It was later acquired by Internet conglomerate IAC/InterActiveCorp, before spun off again in 2008.
Today, LendingTree’s centralized online loan marketplace helps users find and compare loans for mortgages, credit cards, insurance needs and more. LendingTree, Inc. owns Also brands across the financial sector – including CompareCards and Value Penguin.
In addition to his multi-decade career at LendingTree, Labda also co-founded a financial services platform for children and families called Tykoon in 2010. He previously served as an auditor and advisor for PriceWaterhouseCoopers.
“All my ideas come from my own experiences and problems,” Labda told The Wall Street Journal in a 2012 interview.
A LendingTree spokesman told The Associated Press that Labda is survived by his wife, Megan, and three daughters — Rachel, Abby and Sophia. Megan Labda said in a statement that her husband “was an amazing man with a heart so big that it seemed to hold room for everyone he met.”
“Our hearts are broken, but we are also so grateful for the love and support that has poured in from around the world,” she said, adding that his legacy will live on at LendingTree and in “the lives he touched.”
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