Douglas Lebda, the founder and chief executive officer of LendingTree Inc., died Sunday following an all-terrain vehicle accident. He was 55.

“We are deeply saddened by the sudden passing of Doug,” LendingTree’s board of directors said in a statement. The accident occurred on his family farm in North Carolina. He is survived by his wife, Megan Lebda, and his three daughters.

Lebda founded LendingTree in 1996 after “experiencing the frustrations and complexities of getting his first mortgage,” according to the Charlotte, North Carolina-based company’s website. He led the company through its initial public offering in 2000, and its sale about three years later to IAC Inc. In 2008, Lebda joined the newly rebranded LendingTree as it spun out as a separate company.

LendingTree combines a network of hundreds of financial partners to help customers access lending products including mortgages, mortgage refinances, auto loans, personal loans, business loans and student refinances.

LendingTree’s chief operating officer and president, Scott Peyree, is serving as president and CEO, effective immediately. Peyree was appointed by the company’s board of directors. Steve Ozonian, lead independent director, has been appointed by the board to serve as its chairman.

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

Lebda was a graduate of Bucknell University and earned an MBA at the University of Virginia, Darden School of Business, according to the company’s website. Before founding LendingTree, Lebda worked as an auditor and consultant.

–By Emily Mason (Bloomberg)