LendingTree's 55-year-old CEO Doug Lebda dies in ATV accident: ‘devastating'

Core Points - Doug Lebda, founder and CEO of LendingTree, passed away in an ATV accident at the age of 55, leaving a significant impact on the financial services industry [1][6][8] - Scott Peyree, the company's President and COO, has been appointed as the new CEO, with Steve Ozonian as the chairman of the board [1][2][7] Company Overview - LendingTree was founded in 1996 by Lebda after his personal struggles with obtaining a mortgage, aiming to create a digital marketplace for lenders to compete for borrowers [6][9] - The company went public in 2000 and has since grown into one of the largest financial comparison platforms in the U.S., expanding its offerings to include credit cards, auto loans, insurance, and small-business financing [6][11] Market Reaction - Following the announcement of Lebda's death, LendingTree's shares fell approximately 9%, from nearly $61 to around $56.91, extending a 10% decline over the previous week [2][3] - The stock has fluctuated between $33.50 and $77.35 over the past 52 weeks [3] Leadership Transition - The board expressed confidence in the existing management team established by Lebda, emphasizing the commitment to uphold his legacy and vision for the company [2][7][8] - Ozonian stated that the board will work closely with Peyree and the leadership team to honor Lebda's vision [7] Legacy and Impact - Lebda's innovative approach transformed the financial services landscape, impacting millions of consumers and establishing a competitive environment for lenders [1][6][8] - He was also involved in various corporate boards and contributed to the civic and philanthropic community in Charlotte [12]