LendingTree CEO Doug Lebda, 55, dies in ATV – Business News
Doug Lebda, the founder and chief government of LendingTree, died unexpectedly in an all-terrain vehicle accident over the weekend, the company introduced Monday. He was 55.
The online lending market stated in a assertion that Lebda’s death occurred Sunday and described him as a “visionary leader whose relentless drive, innovation and passion transformed the financial services landscape, touching the lives of millions of consumers.”
The Charlotte-based company’s board appointed President and Chief Operating Officer Scott Peyree as president and CEO efficient instantly, and named Steve Ozonian, a longtime director, as chairman of the board.
Doug Lebda, the founder, chairman, and chief government officer of LendingTree, died unexpectedly on Sunday. Getty Images
“The news of losing Doug was devastating,” Peyree stated.
“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’s shares fell about 9% — from practically $61 a share to roughly $56.91 on Monday following the announcement, extending a 10% slide over the previous week.
Trading in the stock was briefly halted pending information of Lebda’s death. The shares have traded between $33.50 and $77.35 over the previous 52 weeks.
LendingTree confirmed his passing in a assertion that highlighted Lebda’s transformative influence on the financial companies industry. NBAE through Getty Images
Lebda based LendingTree in 1996 after struggling to acquire a mortgage and envisioning a digital market the place banks may compete to offer debtors the best phrases.
The company launched online in 1998, went public on the Nasdaq in 2000 underneath the ticker image TREE, and grew into one of the nation’s largest financial comparability platforms.
Over practically three many years, Lebda expanded LendingTree’s choices past mortgages to incorporate credit playing cards, auto loans, insurance coverage and small-business financing.
The company now companions with more than 500 lenders nationwide.
“The board will work closely with Scott and the leadership team to honor Doug’s vision,” Ozonian stated in the company’s assertion.
Lebda is seen above posing with Charlotte Hornets basketball gamers in 2017. NBAE through Getty Images
“We are committed to upholding his legacy and continuing the work he began with passion, integrity and dedication.”
The Post has sought remark from LendingTree.
Born Jan. 29, 1970, in Syracuse, Lebda earned a bachelor’s degree from Bucknell University and later obtained an MBA from the University of Virginia’s Darden School of Business.
He started his profession as an auditor at PricewaterhouseCoopers, the place he grew to become annoyed by how opaque and cumbersome the mortgage course of was for shoppers.
That expertise impressed him to launch LendingTree in 1996.
Rafael Henrique – stock.adobe.com
The company was based on the thought of permitting banks and lenders to compete for debtors online — a model that predated the fintech growth by practically 20 years.
LendingTree went public in 2000, was later acquired by IAC/InterActiveCorp, and ultimately spun out again in 2008.
Under Lebda’s management, the company diversified past mortgages to incorporate personal loans, credit playing cards, auto loans, insurance coverage and small-business merchandise, partnering with more than 400 lenders nationwide.
In addition to operating LendingTree, Lebda served on a number of company boards and was lively in Charlotte’s civic and philanthropic group.
