LendingTree founder and Chief Executive Officer Doug Lebda passed away unexpectedly at 55 in an all-terrain vehicle accident on his family farm. The company has promoted President and COO Scott Peyree to CEO, effective immediately.
Accident details
Doug Lebda died on Sunday, October 12, when he was involved in an all-terrain vehicle accident on his family farm outside Mill Spring, North Carolina. Deputies responded to a missing-person report at about 7:30 p.m., and investigators found Lebda dead about 8 p.m. A Polk County official said there was no indication of anything other than an accident. The accident occurred on land where Lebda was working on constructing an equestrian property and retreat.
Career and industry impact
Lebda founded LendingTree in 1996 after being infuriated to get his first mortgage. He dreamed of an electronic marketplace to enable loan shopping to be convenient by aggregating quotes from multiple lenders on the internet. LendingTree went national in 1998, went public in 2000 with ticker symbol TREE, weathered the dot-com bust, and after a brief period under IAC/InterActiveCorp, spun off as an independent company in 2008.
Under Lebda, LendingTree expanded to credit cards, insurance, personal and small business loans, in association with over 300 financial institutions. By streamlining choices for consumers, the site revolutionized the face of financial services, enabling millions to comparison shop and get better rates.
Leadership transition
In a board announcement, LendingTree directors expressed deep sadness, saying, “Doug was a visionary leader whose tireless energy, ingenuity and passion revolutionized the financial services industry, touching the lives of millions”. Effective immediately, Scott Peyree—former LendingTree president and COO—will assume the role of president and CEO. Lead independent director Steve Ozonian has been appointed chairman of the board.
Peyree said that Lebda’s “legacy is the strong management team he put in place” and committed to “honor Doug’s vision by continuing the work he began with passion, integrity and dedication”. Ozonian also said that the board would cooperate closely with Peyree to keep the company’s mission of consumer empowerment and transparent financial decision-making.
Market reaction
LendingTree shares fell more than 4 percent on Monday afternoon trading following the announcement of Lebda’s passing. Trading was suspended briefly as investors processed the news. TREE stock for the past year traded between $35 and $65 per share, both reflecting growth in adoption of fintech as well as overall market volatility.
Personal life and philanthropy
Born January 29, 1970, Lebda earned a bachelor’s degree from Bucknell University and an MBA from the University of Virginia’s Darden Graduate School of Business. Before founding LendingTree, he was an auditor and consultant with PricewaterhouseCoopers. He co-founded Tykoon, an educational web site for families and kids about money, in 2010.
Lebda was a devoted husband and father, who was left behind by his wife, Megan, and by his three daughters—Rachel, Abby and Sophia. In a message, Megan Lebda said, “Doug was an incredible man with a heart so big it seemed to have space to hold everyone he met. Our hearts are broken, but we are so grateful for the love and outpouring that’s poured in from all around.”
An active football fan and minority owner of the Pittsburgh Steelers, Lebda also served on various corporate and civic boards in Charlotte and promoted Charlotte-based philanthropic initiatives involving financial literacy, education and community development.
Next steps for LendingTree
While LendingTree steers through this unexpected leadership change, the board has prioritized maintaining operations and strategic focus. Day-to-day management will be overseen by Scott Peyree, while the board launches a formal search for a CEO and looks to long-term planning. Stakeholders anticipate reaffirmation of LendingTree’s fundamental mission: making transparent, competitive loan options available to consumers in an increasingly electronic marketplace.
The firm will keep Lebda’s memory alive by continuing to sponsor financial literacy initiatives and upholding the entrepreneurial spirit he fostered. As Lebda’s personal and professional legacy is celebrated, employees, partners and customers will rely on new leadership to build on that platform he established.
