The CEO and founder of LendingTree died in an ATV accident over the weekend

In a company announcement, LendingTree confirmed that Lebda died unexpectedly on Sunday and that its leadership is “deeply saddened by his passing” while offering its condolences to the CEO’s loved ones.

“Doug was a visionary leader whose tireless drive, innovation and passion transformed the financial services landscape, impacting the lives of millions of consumers,” LendingTree’s board of directors said in a statement. “His passion will continue to inspire us as we move forward together.”

Scott Perry, President and Chief Operating Officer of LendingTree, has now been named CEO effective immediately. Lead independent director Steve Ouzounian will also take over for Lebda as chairman of the board, the company said.

Shares of Charlotte, North Carolina-based LendingTree were down more than 2% in early afternoon trading Monday.

Lebda founded LendingTree in 1996 — to “simplify the loan purchasing process” after experiencing the frustrations of getting his first mortgage, LendingTree’s website notes. The platform launched nationally in 1998 and became a public company in 2000. It was later acquired by the Internet conglomerate IAC/Interactive CorpBefore breaking up on its own again in 2008.

Today, LendingTree’s centralized online loan marketplace helps users find and compare loans for mortgages, credit cards, insurance needs and more. LendingTree, Inc. also owns brands across the financial industry – including CompareCards and Value Penguin.

In addition to his multi-decade career at LendingTree, Labda also co-founded a financial services platform for children and families called Tykoon in 2010. He previously served as an auditor and advisor for PriceWaterhouseCoopers.

“All my ideas come from my own experiences and problems,” Labda He told the Wall Street Journal In a 2012 interview.