LendingTree CEO Doug Lebda dies after an ATV accident over the weekend

Lending Tree Company It announced Monday that its founder and CEO, Doug Lebda, died unexpectedly in an all-terrain vehicle accident over the weekend.

The Board of Directors has appointed Scott Perry, Chief Operating Officer of LendingTree, as Lebda’s successor, effective immediately.

“We are deeply saddened by Doug’s sudden passing,” the board said in a statement. “Doug was a visionary leader whose relentless drive, innovation and passion transformed the financial services landscape, touching the lives of millions of consumers.”

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Labda’s board of directors said it has “dedicated itself to building a company rooted in consumer empowerment, supporting the mission of simplifying financial decisions and enhancing economic opportunity for all” since its founding in 1996.

LendingTree is one of the largest online financial platforms in the country, offering offers for loans, credit cards, Insurance, and more through a network of approximately 430 financial partners. Labda, who graduated from Bucknell University and received an MBA from the University of Virginia’s Darden School of Business, has been with the company for 26 years.

He founded the company with the aim of simplifying the process of obtaining loans by creating a website that eases the legal process of going to multiple banks to obtain information.

“Instead of physically going to multiple banks, customers can go to a website where banks compete for their business,” LendingTree’s website says.

After launching nationally in July 1998, he led LendingTree through its IPO in 2000, the dot-com crash in 2001 and the sale to IAC/InterActiveCorp in 2003.

Between 2005 and 2008, Labda served as President and Chief Operating Officer of IAC, and in 2008, she joined the newly formed Tree.com, renamed LendingTree, as it spun out of IAC as a separate public company. Prior to founding LendingTree, Labda worked as an auditor and consultant for PriceWaterhouseCoopers.

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In a statement, Perry said Labda’s death was devastating, “but one of the direct impacts of his legacy is the strong management team he has installed at LendingTree. I look forward to leading our team and continuing the shared vision Doug and I have worked on for the future.”

The board said it will work closely with Perry to honor Labda’s vision, stressing that the company is “committed to preserving his legacy and continuing the work he began with passion, integrity and dedication.”

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The Lead Independent Director, Steve Ouzounian, will serve as Chairman of the Board of Directors effective immediately. Ouzounian joined the board of directors in 2008.

Ouzounian thanked Perry for his “outstanding commitment and focus” to the company and expressed confidence in his “ability to continue to lead LendingTree into the future.”

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Shares of company stock He signed the news of Lebda’s death.