LendingTree Founder Doug Lebda Dies in ATV Accident

Doug Lebda, the founder and CEO of LendingTree, passed away unexpectedly over the weekend in an ATV accident, as announced by the company on Monday. He was just 55 years old.

The online lending market released a statement, calling him a “visionary leader” whose relentless drive and innovation transformed financial services and impacted countless consumers.

In light of Lebda’s passing, the company’s board appointed President and COO Scott Paley as the new CEO, effective immediately. Long-time director Steve Ozonian has taken on the role of chairman of the board.

Paley expressed his grief, stating, “The news of losing Doug was devastating. However, one of the most immediate impacts of his legacy is the strong management team he has installed at LendingTree. I look forward to leading the team and continuing our shared vision with Doug into the future.”

Following the announcement, LendingTree’s stock price dropped roughly 9%, moving from nearly $61 per share to about $56.91. It has seen a decline of about 10% in the past week. Trading was temporarily halted after the news broke.

Lebda founded LendingTree in 1996 after facing challenges in securing mortgage loans. He envisioned a digital marketplace where competing banks could offer better terms to borrowers. The platform launched online in 1998, went public on Nasdaq in 2000 under the ticker symbol TREE, and has since evolved into one of the largest financial comparison platforms in the U.S.

Over nearly three decades, he expanded the company’s offerings from just mortgages to include credit cards, auto loans, insurance, small business financing, and more, partnering with over 500 lenders nationwide.

Ozonian noted, “The board will work closely with Scott and the management team to honor Doug’s vision. We are committed to upholding his legacy and continuing the work he started with passion, integrity, and dedication.”

Lebda was born on January 29, 1970, in Syracuse, New York. He earned his bachelor’s degree from Bucknell University and an MBA from the University of Virginia’s Darden School of Business. His career began at PricewaterhouseCoopers, where he grew frustrated with the opaque and complicated mortgage process, which ultimately inspired him to create LendingTree.

The company aimed to help banks and lenders connect with borrowers online, a model that predated the fintech explosion by nearly two decades. LendingTree went public in 2000 and was later acquired by IAC/InterActiveCorp, only to be spun out again in 2008 under Lebda’s leadership.

In addition to his role at LendingTree, Lebda was involved in various boards and was active in the civic and philanthropic communities in Charlotte.