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Doug Lebda, the founder and CEO of LendingTree, has died at the age of 55 following an all-terrain vehicle (ATV) accident over the weekend.

The company confirmed his passing in a statement on Monday, saying the accident occurred at a family farm in North Carolina on Sunday.

Lebda's unexpected death shocked the financial community. "Doug was a visionary leader whose relentless drive, innovation, and passion transformed the financial services landscape," LendingTree's board of directors said.

"His passion will continue to inspire us as we move forward together."

Effective immediately, Scott Peyree, LendingTree's president and COO, has been named the new CEO. Steve Ozonian, the company's lead independent director, will take over as chairman of the board.

According to CNN, LendingTree shares dropped more than 4% in afternoon trading on Monday following the announcement.

Doug Lebda launched LendingTree in 1996 after facing his own struggles while applying for a mortgage.

His goal was simple: make loan shopping easier for everyone. The platform went national in 1998, became public in 2000, and was later acquired by IAC/InterActiveCorp before spinning off again in 2008.

Doug Lebda Remembered for His Financial Legacy

Today, LendingTree is a major online loan marketplace, helping people compare options for mortgages, credit cards, and insurance.

It also owns several well-known financial brands, including CompareCards and ValuePenguin.

Lebda's impact stretched beyond LendingTree. In 2010, he co-founded Tykoon, a financial education platform for kids and families, AP News reported.

Before his entrepreneurial journey, he worked as a consultant and auditor at PriceWaterhouseCoopers.

In a past interview with The Wall Street Journal, Lebda said, "All of my ideas come from my own experiences and problems." His hands-on approach shaped much of what LendingTree stands for today.

He is survived by his wife, Megan, and their three daughters — Rachel, Abby, and Sophia. In a heartfelt statement, Megan Lebda said, "He was an amazing man with a heart so big it seemed to have room for everyone he met."

"Our hearts are broken," she added, "but we are deeply grateful for the love and support that has poured in from across the world. His legacy will live on — at LendingTree and in the many lives he touched."