Doug Lebda founded LendingTree in 1996 to simplify consumers’ mortgage loan search. He led the company through several busts and booms, growing its market value to more than $750 million.
Doug Lebda, the founder and chief executive officer of LendingTree, died in an all-terrain vehicle (ATV) accident on Sunday.
Doug Lebda | Credit: LinkedIn
“We are deeply saddened by the sudden passing of Doug,” LendingTree’s board of directors said in a written statement on Monday. “Doug was a visionary leader whose relentless drive, innovation and passion transformed the financial services landscape, touching the lives of millions of consumers.”
Lebda began his financial career in 1992 as an auditor and consultant at PriceWaterhouseCoopers. However, a nightmare mortgage experience led him to leave PWC and start LendingTree, a first-of-its-kind online lending marketplace, in 1996. LendingTree’s star quickly rose, leading the company to go public in early 2000, raising $43.8 million.
Three years later, Lebda sold LendingTree to IAC/InterActiveCorp for $726 million and became the company’s president and chief operating officer. The 2008 housing crash cut LendingTree’s time at IAC short,[1] as a failing banking and mortgage industry made the marketplace unprofitable.
Back at the helm as LendingTree’s CEO, Lebda fought to keep the company alive by expanding the marketplace to include credit cards, personal and business loans, insurance and credit score tracking. His bet on LendingTree paid off, with the company’s market value now sitting at $750 million, according to The Wall Street Journal.[2]
LendingTree’s board of directors has chosen Chief Operating Officer and President Scott Peyree to take Lebda’s leadership role, while lead independent director Steve Ozonian will fill the late founder’s board seat.
“The news of losing Doug was devastating,” Peyree said of the 55-year-old CEO. “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.”
Lebda leaves behind his wife, Megan, and his three daughters, Rachel, Abby and Sophia.
“Our hearts are broken, but we are also deeply grateful for the love and support that has poured in from across the world,” Megan Lebda told[3] The New York Times[4]. “Doug’s legacy will continue in the company he built, the lives he touched, and the example he set for all of us to lead with kindness, courage, and compassion.”
Lebda was 55.
References
- ^ The 2008 housing crash cut LendingTree’s time at IAC short, (www.inman.com)
- ^ according to The Wall Street Journal. (www.wsj.com)
- ^ Megan Lebda told (www.nytimes.com)
- ^ The New York Times (www.nytimes.com)
- ^ Email Marian McPherson (www.inman.com)