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Doug Lebda dies at 55: LendingTree mourns ‘devastating’ loss of ‘visionary leader’
LendingTree CEO Doug Lebda, 55, has died in an ATV accident. The company called the loss “devastating” and named Scott Peyree as the new Chief Executive Officer
Doug Lebda, founder and CEO of LendingTree, died on Sunday in an all-terrain vehicle crash, the company confirmed on Monday, October 13. He was 55. The Charlotte-based firm described Lebda as a “visionary leader whose relentless drive, innovation and passion transformed the financial services landscape, touching the lives of millions of consumers.”
The company said its board has appointed Scott Peyree - previously president and COO - as the new chief executive, with longtime director Steve Ozonian stepping in as board chairman, the New York Post reported.
“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,” he added.
A pioneer who reshaped online lending
Lebda launched LendingTree in 1996 after a frustrating attempt to secure a mortgage led him to imagine a digital space where lenders could compete for borrowers. Two years later, the company went live online and soon became one of the biggest names in personal finance.
By 2000, LendingTree had gone public on the Nasdaq under the ticker symbol TREE. Over the years, Lebda expanded its reach far beyond home loans and added credit cards, car loans, insurance, and small business financing. The company now works with more than 500 lenders across the United States.
LendingTree’s stock dropped about 9% on Monday, from nearly $61 a share to around $56.91, as news of Lebda’s death broke. Trading was briefly halted pending confirmation of the CEO’s passing.
Remembering Doug Lebda’s impact
“The board will work closely with Scott and the leadership team to honor Doug’s vision,” Ozonian said in a statement. “We are committed to upholding his legacy and continuing the work he began with passion, integrity and dedication,” it further read.
Born on January 29, 1970, in Syracuse, New York, Lebda studied at Bucknell University before earning his MBA from the University of Virginia’s Darden School of Business. Early in his career at PricewaterhouseCoopers, he grew frustrated by the opaque mortgage system - a frustration that ultimately sparked the idea behind LendingTree, New York Post reports.
After IAC/InterActiveCorp acquired the company, it was spun out again in 2008 under Lebda’s continued leadership. He also served on several corporate boards and remained active in Charlotte’s business and philanthropic circles until his death.
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FAQs:
Who was Doug Lebda?
Doug Lebda was the founder and CEO of LendingTree, a major online financial marketplace.
What happened to Doug Lebda?
He died in an ATV accident over the weekend.
Who is the new CEO of LendingTree?
Scott Peyree, the company’s president and COO, has been appointed as the new CEO.
When was LendingTree founded?
The company was founded in 1996 and went online in 1998.
What was Doug Lebda’s background?
He studied at Bucknell University and earned an MBA from the University of Virginia’s Darden School of Business.
