SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
April 29, 2021 (
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Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On April 29, 2021, LendingTree, Inc. (“we,” “us”, “the Company” or “LendingTree”) announced the reorganization of its leadership and management team to place greater focus on the Company’s strategic growth initiatives. The reorganization serves to better align management, executives and resources with key initiatives and was informed by the Company’s strong succession planning efforts over the past several years. In connection with the reorganization, we have made the following changes and appointments, which will become effective as of May 17, 2021.
Neil Salvage, age 48, will transition into the role of President, LendingTree Marketplace from his current role as the Company’s President, a position he has held since November 2016. Prior to that, Mr. Salvage served as the Company’s Chief Revenue Officer from 2015 to 2016 and General Manager of the LendingTree Home Pros business from 2013 to 2015. Prior to joining the Company, Mr. Salvage served as Head of Digital Sales for CBS Television and Radio, Executive Vice President of CityGrid Media and Vice President of Yellowpages.com. Mr. Salvage holds two Bachelor of Science degrees from the University of South Carolina in each of Business Administration and Management. Mr. Salvage also holds an M.S. degree in Computer Resources and Information Management from Webster University.
Scott Peyree, age 44, will continue to serve as President, Insurance. Mr. Peyree has been serving as the President of the QuoteWizard Insurance business since October 2018. Prior to QuoteWizard becoming a subsidiary of the Company in 2018, Mr. Peyree served as the Chief Executive Officer and founder of QuoteWizard since 2006. Mr. Peyree holds a Bachelor of Business Administration in Finance & Entrepreneurship from Pacific Lutheran University.
J.D. Moriarty, age 48, will transition into the role of President, LendingTree Next from his current role as the Company’s Chief Financial Officer, a position he has held since August 2017. From June 2017 to August 2017, Mr. Moriarty served as the Company’s Senior Vice President for Corporate Development, responsible for strategic acquisitions. Prior to that, Mr. Moriarty was Head of Americas Equity Capital Markets at Bank of America Merrill Lynch. Mr. Moriarty spent over 22 years at Merrill Lynch and Bank of America in various roles in both equity markets and investment banking. Mr. Moriarty holds an M.B.A. from the Stanford University Graduate School of Business and a B.A. in Economics & Finance from Bucknell University.
Trent Ziegler, age 38, will become the Chief Financial Officer of the Company and will also remain the Company’s Treasurer. Prior to that, Mr. Ziegler served as the Company’s Vice President, Investor Relations, a position he held since November 2015, and as the Company’s Treasurer, a position he held since April 2018. Prior to that, Mr. Ziegler serviced as Vice President, Finance from 2014 to 2015 where he led Financial Planning and Analysis. Prior to joining the Company as a Senior Financial Analyst in 2012, Mr. Ziegler served as a Senior Financial Analyst for Ally Financial. Mr. Ziegler holds a Bachelor of Science in Finance from Eastern Illinois University. Mr. Ziegler also holds an M.B.A. from the University of North Carolina Kenan-Flagler Business School.
On April 29, 2021, the Company issued a press release announcing the new executive appointments described in Item 5.02 above. The press release is furnished as Exhibit 99.1 and incorporated by reference herein. The press release at Exhibit 99.1 and incorporated by reference herein is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section and shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended, or the Exchange Act, except as otherwise expressly stated in such filing.
Item 9.01. Financial Statements and Exhibits.
|Exhibit No.||Exhibit Description|
|99.1||Press release dated April 29, 2021, with respect to LendingTree’s new executive appointments.|
|104||Cover Page Interactive Data File (embedded within the Inline XBRL document).|
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|Date: April 29, 2021|
|By:||/s/ Lisa Young|
LendingTree Aligns Management Team for Growth
CHARLOTTE, NC - April 29, 2021 - Today, LendingTree®, Inc. announces the reorganization of its leadership and management team to place greater focus on the Company’s strategic growth initiatives, effective May 17, 2021. The reorganization serves to better align management, executives, and resources with key initiatives and was informed by the Company’s strong succession planning efforts over the past several years.
LendingTree has organized the business around three key divisions: the core LendingTree marketplaces, the QuoteWizard insurance business, and LendingTree Next.
|•||Neil Salvage will continue to run core LendingTree marketplaces as President, LendingTree Marketplace. Salvage will focus on deepening existing partnerships within LendingTree’s marketplaces while continuing to scale and innovate on both partner and consumer experiences related to these businesses.|
|•||Scott Peyree will continue to run the insurance business and will now report to Chairman and CEO, Doug Lebda as President, Insurance. Peyree will continue to focus on expanding the Company’s presence in the insurance industry.|
|•||JD Moriarty, currently CFO, will move to an operating role, as President of LendingTree Next. The Next division will lead the next evolution of the company with a number of growth initiatives that build off of our marketplace assets.|
|•||Trent Ziegler has been named as LendingTree’s new Chief Financial Officer, a natural and well-deserved progression from his prior role as Vice President, Investor Relations and Treasury.|
“Over the last year, LendingTree has implemented a more refined, strategic planning process that focuses on the implementation and execution of key initiatives for this year and beyond, while continuing to scale and innovate our core marketplace businesses,” said Chairman and CEO, Doug Lebda. “We’ve identified three distinct areas in need of dedicated focus, management, and resources.”
“The first is our core LendingTree marketplaces - the products and services that facilitate interactions between consumers and financial service providers today,” continued Lebda. “Neil has deep expertise and understanding of the complexities involved in these core marketplace businesses, and I’m thrilled that we are providing this segment of business with dedicated resources to continue innovation and scale in these areas.”
“The second pillar is the insurance business, led by Scott Peyree as President, Insurance. Scott will continue to focus on growing existing carrier relationships, increasing strength in search engine marketing with additional traffic acquisition sources, and increasing scale in non-auto categories. Under Scott’s continued management, I am excited to continue our growth in these areas.”
“This re-organization allows us to provide dedicated leadership for a number of our most important strategic growth areas, and that will be led by J.D. Moriarty. J.D. will serve as President, LendingTree Next, and oversee our MyLendingTree logged-in platform, the evolution of the consumer experience, strategic partnerships, corporate development and enterprise operations management. We see massive opportunities in these areas and a need for dedicated leadership. I couldn’t be more thrilled to have J.D. at the helm.”
“Last, but certainly not least, I’m excited to announce Trent Ziegler as our new CFO. Trent has been with LendingTree for more than 8 years. Prior to taking on the Investor Relations role in 2016, Trent led our internal Finance team during the early years of our growth. More recently, in 2018, his role expanded to include the Treasurer role, and he has built many of our banking relationships while leading our financing activity and balance sheet management efforts.”
About LendingTree, Inc.
LendingTree, Inc. is the parent of LendingTree, LLC and several companies owned by LendingTree, LLC (collectively, "LendingTree" or the "Company").
LendingTree operates what it believes to be the leading online consumer platform that connects consumers with the choices they need to be confident in their financial decisions. The Company offers consumers tools and resources, including free credit scores, that facilitate comparison-shopping for mortgage loans, home equity loans and lines of credit, reverse mortgage loans, auto loans, credit cards, deposit accounts, personal loans, student loans, small business loans, insurance quotes and other related offerings. The Company primarily seeks to match in-market consumers with multiple providers on its marketplace who can provide them with competing quotes for loans, deposit products, insurance or other related offerings they are seeking. The Company also serves as a valued partner to partners and other providers seeking an efficient, scalable and flexible source of customer acquisition with directly measurable benefits, by matching the consumer inquiries it generates with these providers.
LendingTree, Inc. is headquartered in Charlotte, NC. For more information, please visit www.lendingtree.com.