LendingTree CEO Doug Lebda Dies in North Carolina ATV Accident

LendingTree Founder and CEO Doug Lebda died Sunday in an ATV accident in the Charlotte, North Carolina area.

An announcement of the entrepreneur's death was shared by the company, and its board of directors stated they were "deeply saddened," according to WCNC-TV.

LendingTree COO Scott Peyree has since been named the company's CEO, and Steve Ozonian's been named as the director of its board.

Peyree issued a statement of his own and described the death of Lebda as "devastating" to everyone at the company.

Lebda founded LendingTree -- an online marketplace that connects borrowers to lenders -- in 1996 after he became frustrated when setting up his first mortgage, according to Bloomberg.

Lebda was also involved with various charitable efforts for causes around Charlotte, where LendingTree is headquartered.

Doug was 55 years old.