Doug Lebda, the founder, chairman and chief government officer of monetary companies market LendingTree, died over the weekend in an all-terrain automobile accident, in keeping with the corporate. He was 55.
Lebda established LendingTree in 1996 after experiencing a scarcity of transparency and complicated course of whereas acquiring a mortgage. His objective was to simplify monetary selections and foster financial alternative.
The fintech veteran additionally utilized his entrepreneurial focus to monetary literacy, co-founding Tykoon, a financial-services platform geared toward serving to youngsters and households handle cash.
Prior to founding the businesses, Lebda was an auditor and advisor for PriceWaterhouseCoopers. He graduated from Bucknell University to finish his undergraduate diploma and attended the University of Virginia Darden School of Business for his MBA, although he initially left enterprise college to start out LendingTree, returning practically 20 years later to finish his diploma.
A brand new firm
LendingTree launched nationally out of its headquarters in Charlotte, North Carolina, in 1998, adopted by an preliminary public providing in 2000.
The firm’s early days had been characterised by buyer acquisition and courting funding, and by 2001, it had three million functions, nearly $150 million of funding, however was unprofitable.
In its early days, LendingTree spent $50 million on a nationwide tv marketing campaign meant to construct the model, which featured debtors taking management as lenders competed for his or her enterprise.
The marketing campaign helped cut back the price of buyer acquisition from $100 to about $28, the corporate mentioned on the time.
By 2001, LendingTree originated $500 million of loans per 30 days, and its community included six of the highest 10 mortgage firms and 7 of the highest 10 banks on the time.
When he got down to construct the corporate, Lebda mentioned he underestimated the quantity of effort required to lift cash. He joked to American Banker years later that “CEO” ought to stand for “capital extraction officer.”
Lebda recalled one main mortgage lender government reducing him off throughout a gathering. The lender, in keeping with Lebda, “actually began pounding on the desk, saying: ‘You won’t ever work with us! You won’t ever get between us and our prospects!'”
That lender later grew to become a profitable participant on the LendingTree alternate, Lebda mentioned.
In 2003, LendingTree was offered to InterActiveCorp. Lebda served as IAC’s president and chief working officer from 2005 to 2008. In 2008, he rejoined the newly fashioned Tree.com (later rebranded as LendingTree) when it spun out from IAC as a separate public firm.
Giving again
In 2012, Lebda co-founded and served as chairman of Tykoon, which supplied a platform to allow youngsters to finish actual duties to earn actual cash, which they might then save, donate to charities, and spend on parent-approved gadgets.
Lebda mentioned on the time that the platform was altering person habits, stating that his personal youngsters would ask to do extra issues round the home to earn cash.
Lebda additionally co-taught an entrepreneurship class at his alma mater, the University of Virginia Darden School of Business.
Following his dying, LendingTree’s board of administrators mentioned Monday that it had appointed Scott Peyree to function president and chief government officer, efficient instantly. Peyree had been president and chief working officer earlier than the change.
Steve Ozonian, lead impartial director, was appointed chairman of the board.
The board mentioned Lebda “was a visionary chief whose relentless drive, innovation and fervour reworked the monetary companies panorama, touching the lives of thousands and thousands of shoppers.
Scott Peyree famous that the robust administration crew Lebda put in place is “one of the crucial quick impacts of his legacy.”
