The CEO of a North Carolina corporation, who bought a minority stake in the Pittsburgh Steelers from a Steel City-bred billionaire, died in an all-terrain vehicle crash over the weekend, the business he founded said Monday.
Doug Lebda was 55.
In a company announcement, LendingTree confirmed that Lebda died Sunday and that the company was grieving his unexpected death.
A spokesperson said the accident occurred at a family farm in North Carolina.
In November 2019, Lebda purchased “an undisclosed portion” of the Steelers from Pittsburgh native and Carolina Panthers owner David Tepper, a news article reported at the time.
The CEO of a North Carolina company that purchased a minority interest in the Pittsburgh Steelers from a billionaire from Steel City passed away in an all-terrain vehicle accident over the weekend, the company he founded announced Monday.
Doug Lebda was 55.
In a statement, LendingTree acknowledged that Lebda passed away on Sunday and expressed their sorrow over his untimely passing. The accident happened at a North Carolina family farm, according to a spokesperson.
According to the statement from LendingTree’s board of directors, “Doug was a visionary leader whose unwavering drive, innovation, and passion transformed the financial services landscape, touching the lives of millions of consumers.”.
Lebda’s online biography states that he became frustrated while attempting to obtain his first mortgage and eventually founded LendingTree, an online financial platform, in 1996.
Lebda bought “an undisclosed portion” of the Steelers from Pittsburgh native and Carolina Panthers owner David Tepper in November 2019, according to a news report at the time.
Tepper earned a bachelor’s degree from the University of Pittsburgh and an MBA from Carnegie Mellon University, which later named its business school after him, according to a Forbes profile. As of Tuesday, Tepper was the 95th richest person in the world with a net worth of $230.7 billion.
The Steelers’ management has refused to disclose the amount Lebda paid in the transaction.
But according to a Forbes estimate, a 5 percent stake in the Steelers in 2019 was worth roughly $140 million, which the Charlotte Observer stated was “in the range of Tepper’s former stake.”. A $150 million stake in the six-time Super Bowl champions was worth 5% by 2020.
The Steelers on Tuesday also conveyed their sorrow over Lebda’s untimely passing.
In a prepared statement, Steelers President Art Rooney II said, “Doug was a visionary leader in the business world whose innovations in financial services leave a lasting impact.”. In addition to his accomplishments in the workplace, he was a kind person who genuinely cared about his community and family. “.”.
After graduating from Bucknell University and the University of Virginia, Lebda worked as a consultant and auditor for PriceWaterhouseCoopers before joining LendingTree nationwide in July 1998, according to the company.
2000 saw LendingTree go public. Before relaunching on its own in 2008, it was later purchased by internet giant IAC/InterActiveCorp.
Ownership of Charlotte, N. C. -based LendingTree increased by 6% during Tuesday’s trading.
A representative for LendingTree told the Associated Press that Lebda is survived by his wife, Megan, and three daughters, Rachel, Abby, and Sophia. Megan Lebda said in a statement that her husband “was an amazing man with a heart so big it seemed to have room for everyone he met.”. “”.
“We are incredibly thankful for the love and support that has poured in from all over the world, but our hearts are broken,” she said.
