THE founder and CEO of LendingTree has died in a horror ATV accident on his family farm.
Doug Lebda, 55, was found dead in North Carolina on Sunday as his loved ones and close friends paid tribute to “one of America’s greatest entrepreneurs”.
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LendingTree, an online lending marketplace for mortgages, announced the father-of-three’s passing with an emotional statement.
They described him as a “visionary leader” and hailed the savvy businessman for his “relentless drive, innovation and passion”.
The statement added: “He transformed the financial services landscape, touching the lives of millions of consumers.”
His heartbroken wife Megan added in a written statement: “Our hearts are broken, but we are also deeply grateful for the love and support that has poured in from across the world.
“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 is survived by his wife and their three daughters Rachel, Abby and Sophia.
Charlotte-based LendingTree have now appointed chief operating officer Scott Peyree as president and CEO, effective immediately.
Peyree said he will try to continue to add to Lebda’s legacy and continue to push the company onwards.
Steve Ozonian, a longtime director, has also been made chairman of the board.
Further details around the ATV accident which claimed Lebda’s life are yet to be announced.
Dozens of high-profile politicians and business moguls have paid touching tributes to Lebda.
Leading the tributes was Pat McCrory, the former North Carolina governor and seven-term Charlotte mayor.
He said on X: “I have lost a true friend and North Carolina has lost one of America’s greatest entrepreneurs.”
Charlotte city councilman Edwin Peacock penned on Facebook: “A visionary business leader and generous philanthropist who left a lasting impact on Charlotte and beyond.
“My heartfelt condolences to his family and the LendingTree team.”
The news of Lebda’s death not only shocked those who knew him but also caused a slump in LendingTree’s market shares.
They fell by around nine per cent – from nearly $61 a share to roughly $56.91 – on Monday following the announcement.
Trading in the stock was briefly halted at the time.
Lebda founded LendingTree back in 1996 after he struggled to obtain a mortgage of his own.
He left business school to start up the company and made it public in 2000.
Across the next three decades, the company became a mega power in the online lending sphere.
In 2003, Lebda sold the company to InterActiveCorp but remained as the CEO.
It was valued at $726 million at the time of the sale.
Under his continued leadership, LendingTree was ranked third on Forbes’ list of fastest-growing US companies in 2017.
