LendingTree, Inc. announced Monday its founder and CEO Doug Lebda died unexpectedly in an all-terrain vehicle accident over the weekend.

The board has appointed LendingTree’s Chief Operating Officer and President, Scott Peyree, to succeed Lebda, effective immediately.

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

The board said Lebda "dedicated himself to building a company rooted in consumer empowerment, championing a mission to simplify financial decisions and fostering economic opportunity for all" since its founding in 1996.

LendingTree is one of the nation’s large

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