WASHINGTON (dpa-AFX) - After an all-terrain vehicle accident in North Carolina on October 12, Doug Lebda, the founder and CEO of LendingTree, passed away at the age of 55.
The following day, the business announced his death, calling him a visionary leader who revolutionized the way Americans think about personal finance.
Lebda, who transformed LendingTree from a start-up concept into a dominant force in financial services, had an estimated net worth of $305 million.
His lengthy tenure with the company, where he served as CEO since its inception in 1996, was a major contributor to his wealth.
Lebda was born in Syracuse, New York, and graduated with a bachelor's degree from Bucknell University before attending the University of Virginia's Darden School of Business to earn an MBA.
He obtained important financial insights while working at PricewaterhouseCoopers before starting LendingTree, which served as the basis for his business plan. He developed an online platform that made it simple for customers to compare loan offers because he was dissatisfied with the conventional mortgage process.
Since going public on the NASDAQ in 2000, LendingTree has partnered with more than 500 lenders nationwide. After his passing, the business named board member Steve Ozonian as chairman and President and COO Scott Peyree as CEO.
Lebda is survived by his wife, Megan, and their three daughters. Megan said in a statement that he was driven and kind, and that the company and the people he inspired will carry on his legacy.
After learning of his death, LendingTree's stock dropped by roughly 9 percent.
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