Doug Lebda, the founder and CEO of LendingTree, died Sunday in an ATV accident, the online loan marketplace company announced. He was 55.

"The LendingTree family is absolutely heartbroken," LendingTree said in a statement to CBS News.

Lebda founded LendingTree in 1996 in a move to simplify the process of shopping and applying for loans. Part of his vision was to create a platform that allowed customers to avoid applying for a bank loan in person and that would generate more competition among lenders for people's business, according to Lebda's company biography.

The business launched in 1998 and went public in 2000. LendingTree's site helps users find and compare mortgages, credit cards, insurance and other financial products.

LendingTree, based in Charlotte, North Carolina, was later acquired by internet conglomerate IAC/InterActiveCorp, before spinning off on its own again in 2008.

LendingTree's board of directors called Lebda a "visionary leader whose relentless drive, innovation and passion transformed the financial services landscape."

Scott Peyree, LendingTree's chief operating officer and president, will take over as president and CEO. Steve Ozonian, the lead independent director on the company's board, will serve as chairman of the board. Both leadership transitions are effective immediately, according to LendingTree.

"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. I look forward to leading our team and continuing our shared vision with Doug into the future."

Lebda, who previously worked as an auditor and consultant for PriceWaterhouseCoopers, in 2010 also co-founded a financial services platform for children and families called Tykoon.

"All of my ideas come from my own experiences and problems," Lebda told the Wall Street Journal in a 2012 interview.

Lebda is survived by his wife, Megan, and three daughters, LendingTree's spokesperson told The Associated Press. In a statement, Megan Lebda said 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, adding that his legacy will continue both at LendingTree and in "the lives he touched."

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