Doug Lebda, the founder and CEO of LendingTree, died Sunday in an ATV accident, the online loan marketplace company announced.
“Doug was a visionary leader whose relentless drive, innovation and passion transformed the financial services landscape, touching the lives of millions of consumers,” LendingTree’s board of directors said in a statement on Monday.
Lebda founded LendingTree in 1996 in a move to simplify the process of shopping and applying for loans. The business launched in 1998 and went public in 2000, two years after it launched. The site helps users find and compare mortgages, credit cards, insurance and other financial products.
LendingTree was later acquired by internet conglomerate IAC/InterActiveCorp, before spinning off on its own again in 2008.
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. Both leadership transitions are effective immediately, according to LendingTree.
Lebda, who previously worked as an auditor and consultant for PriceWaterhouseCoopers, in 2010 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.
—This is a developing story and will be updated
