LendingTree CEO and Chairman Doug Lebda died on Sunday, October 12, in an “all-terrain vehicle accident” at his family’s farm in North Carolina, the company confirmed.
“Doug is a visionary leader whose relentless drive, innovation and passion transformed the financial services landscape and impacted the lives of millions of consumers,” LendingTree’s board of directors said in a statement Monday, Oct. 13.
Mr. Levda, 55, founded the company, which provides a marketplace for mortgages and other financial products, in 1996 after “experiencing the frustration and complexity of obtaining a first-time mortgage,” according to the Wall Street Journal, according to his bio on the company’s website.
LendingTree was founded in 1998 and went public in 2000. The Charlotte, North Carolina-based company was subsequently sold to IAC/InterActiveCorp in 2003 and spun off as an independent company in 2008. Following the sale, Mr. Lebeda served as president and chief operating officer of IAC before returning to LendingTree in the spin-off.
“His passion will continue to inspire us as we move forward together. Our hearts go out to Doug’s family and loved ones at this difficult time,” the board said.
Megan Levda told The Associated Press in a statement that her husband was “a wonderful man with a heart so big that he seemed to have room for everyone he met.”
“Our hearts are broken and we are deeply grateful for the outpouring of love and support from around the world,” she said.
LendingTree announces successor following CEO’s death
The company announced in a statement that its board of directors has named Steve Ozonian, a lead independent director, to replace Mr. Levda as chairman, and appointed Scott Paley, chief operating officer and president, to fill Mr. Levda’s role as chief executive officer.
“The news of our loss of Doug was devastating,” Piley said in a statement. “But one of the most immediate impacts of his legacy is the strong management team he has put in place at LendingTree.”
The board said it will work closely with Piley and the management team to respect Mr. Levda’s vision for the company. “We are committed to upholding his legacy and continuing the work he started with passion, integrity and dedication,” the board said.
According to the Associated Press, Levda is survived by his wife and three daughters.
