Handout portrait of Doug Lebda, LendingTree founder and former Chairman. The company announced that Lebda died in an "all-terrain vehicle accident" Oct. 13.

Correction & clarification: A prior version of this story misspelled the name of LendingTree's new CEO Scott Peyree

Doug Lebda, the chief executive and chairman of LendingTree, died in “an all-terrain vehicle accident” on his family farm in North Carolina on Sunday, Oct. 12, the company confirmed.

“Doug was a visionary leader whose relentless drive, innovation and passion transformed the financial services landscape, touching the lives of millions of consumers,” LendingTree’s board of directors said in a statement on Monday, Oct. 13.

Lebda, who was 55 years old according to the Wall Street Journal, founded the company, a marketplace for mortgages and other financial instruments, in 1996 after “experiencing the frustrations and complexities of getting his first mortgage,” according to his biography on the company’s website.

LendingTree launched in 1998 and went public in 2000. The Charlotte, North Carolina-based firm was subsequently sold to IAC/InterActiveCorp in 2003 before being spun off into an independent company in 2008. Lebda served as IAC’s President and Chief Operating Officer following the sale before returning to LendingTree in the spinoff.

“His passion will continue to inspire us as we move forward together. We extend our deepest sympathies to Doug’s family and loved ones during this difficult time,” the board said.

Megan Lebda told the Associated Press in a statement that her husband “was an amazing man with a heart so big it seemed to have room for everyone he met.”

“Our hearts are broken, but we are also deeply grateful for the love and support that has poured in from across the world,” she said.

LendingTree announces replacements following CEO’s death

The company announced in its statement that the board nominated Lead Independent Director Steve Ozonian to replace Lebda as Chairman, and Scott Peyree, the Company’s Chief Operating Officer and President, to assume Lebda’s role as Chief Executive Officer.

“The news of losing Doug was devastating,” Peyree said in the statement. “But one of the most immediate impacts of his legacy is the strong management team he put in place at LendingTree.”

The board said it would work closely with Peyree and the leadership team to honor Lebda’s vision for the company. “We are committed to upholding his legacy and continuing the work he began with passion, integrity and dedication,” the board said

Lebda is survived by his wife and three daughters, according to the Associated Press.

This story has been updated to correct a misspelling/typo.

This article originally appeared on USA TODAY: LendingTree CEO Doug Lebda dies in ATV accident, company confirms

Reporting by James Powel, USA TODAY / USA TODAY

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