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LendingTree founder and chief executive Doug Lebda has died at the age of 55 after being involved in an all-terrain vehicle accident that took place over the weekend, the company announced in a press release on Monday (October 13).
Scott Peyree, who has served as LendingTree's chief operating officer and president, was appointed to the Board and will serve as the company's president and chief executive officer effective immediately, according to the press release.
"The news of losing Doug was devastating. But one of the most immediate impacts of his legacy is the strong management team he put in place at LendingTree. I look forward to leading our team and continuing our shared vision with Doug into the future," Peyree said.
Steve Ozonian, who served as lead independent director, was appointed by the Board to serve as its chairman, having served on the Board since 2008.
"We sincerely thank Scott Peyree for the momentum powered by his outstanding commitment and focus at LendingTree. We have the utmost confidence in his ability to continue to lead LendingTree into the future," Ozonian said.
Shares of LendingTree's stock dropped by an estimated 9% from nearly 61% to about $56.91 following Monday's announcement, which continued a 10% slide over the past week, according to the New York Post. Lebda founded LendingTree, an online lending marketplace, in 1996, with the company going public in 2000, acquired by IAC/InterActiveCorp, and later spun off by IAC in 2008.