LendingTree mourns CEO Doug Lebda in new earnings call, vows to carry on legacy
During a third-quarter earnings report on Thursday, LendingTree leaders mourned the death of founder Doug Lebda and spoke about plans to build upon his legacy.
This was the first earnings call with analysts since the founder of the Charlotte-based fintech was killed Oct. 12 in an ATV accident on a family farm in Polk County. Lebda, 55, was serving as CEO and chairman of the Charlotte company that offers online tools to connect borrowers with lenders
“We are incredibly saddened by the sudden passing of our founder, Chairman and CEO Doug Lebda,” said newly appointed CEO Scott Peyree. “In this time of great loss, we recognize the strength and durability of what Doug built.”
Lebda founded LendingTree in 1996 after he went through a complicated and consumer-unfriendly process to obtain his first mortgage. The company allows borrowers to browse loans from various providers, including credit cards, mortgages and personal loans.
“He was truly passionate about creating a marketplace where consumers could find the best financial product for them at the most competitive price,” Peyree said. “He coined our long-standing and well-known marketing tagline, ‘When banks compete, you win.’ ”
Doug Lebda and LendingTree workers
Peyree said he came to know Lebda when he explored selling QuoteWizard to LendingTree. QuoteWizard is a company Peyree founded that connects consumers with insurance agents.
“At that time, I appreciated the entrepreneurial spirit we both shared, his deep passion for the business, and the strong and similar culture he had at LendingTree compared to QuoteWizard,” Peyree said.
After LendingTree bought Peyree’s company, he was able to get to know Lebda, especially after serving as president and chief operating officer.
“I viewed him as a great boss, a great business partner and a great friend,” he said. “I also came to appreciate how much he cared about all of the employees at LendingTree. For example, he insisted that full-time employees receive stock as part of their compensation, so they would think like owners.”
Peyree spoke about how Lebda attended all kinds of company events, whether big meetings with everyone or small gatherings and celebrations. He was always there to encourage employees and inspire them.
Honoring Doug Lebda’s legacy
Since Lebda died, LendingTree has received many heartfelt messages from people across the country and the industry. Peyree added.
A public service for Lebda was held Oct. 19, at Founders Hall in uptown Charlotte. Family, friends, and well-known figures like former N.C. governor and Charlotte mayor Pat McCrory attended.
“All of us at LendingTree mourn him and keep his wife, daughters, parents, and family in our thoughts as we carry on his legacy,” Peyree said. “I’m honored to become the second CEO in the company’s history and carry the mantle of what Doug founded nearly 30 years ago.”
LendingTree earnings report
CFO Jason Bengel called Lebda an incredible leader and mentor.
“As a company, we are committed to continuing to execute on his vision of providing consumers access to the best choices for all of their important financial decisions,” he said about the third-quarter report. It showed consolidated revenue of $307.8 million.
Bengel reported that the company announced its sixth straight quarter of increased revenue, compared to the same time last year, where it stood at $260.8 million. This quarter, the company also refinanced debt by setting up a $475 million, five-year loan, which gives leaders more freedom in how they run the business.
“We are well positioned to continue building on Doug’s legacy as we move forward into next year,” Bengel said.
LendingTree has about 940 employees, with 300 in Charlotte. By the end of the year, the company expects to have a total revenue between $1 billion and $1.05 billion.
After Lebda’s death, Peyree was appointed by the board to serve as the company’s president and chief executive officer, effective immediately.
.png "image (38).png")
“His passion for empowering people, his entrepreneurial spirit, and his belief in using business as a force for good remain the foundation of LendingTree’s culture and strategy,” Peyree said. “That foundation is reflected in the momentum we continue to build across the business.”
