NEW YORK – May 14, 2007 – IAC (Nasdaq: IACI) announced today that C.D. Davies has been named Chief Executive Officer of LendingTree, LLC, and Bob Harris has been named the company’s President and Chief Operating Officer.
“C.D. is an exceptional leader, whose operational expertise and deep understanding of the mortgage industry make him the perfect choice to lead LendingTree. Bob’s keen marketing instincts and overall leadership during the past several years have been integral to the company’s success, and we’re fortunate to be able to capitalize on his intricate knowledge of the company in this new role,” said Doug Lebda, President and Chief Operating Officer of IAC. "I’m confident that under their collective leadership, LendingTree is well poised to tackle the challenges of today’s mortgage market."
"Despite the challenges of the current market, I'm highly confident in LendingTree's future," said Davies. "Between our innovative business model, our differentiated market position, and the talent we have across the LendingTree organization, the opportunity to create value for our customers, partners and shareholders is unlimited."
"Given the incredible strength of the LendingTree brand and our total commitment to delivering exceptional value to our borrowers and lenders, I look forward to working with C.D. and the entire LendingTree team to extend our leadership position within the lending industry," said Harris.
C.D. Davies brings nearly two decades of experience in the financial services and mortgage banking industries to his role. Most recently he was with Wachovia Mortgage Corporation, where he spent 18 years in a series of increasingly responsible roles, most recently as President and Chief Executive Officer. During his time as CEO, the company - which operates in wholesale, retail and direct channels - grew its market share dramatically, improving its industry ranking from 24th to 10th largest mortgage provider in the country.
Bob Harris joined LendingTree in 2000 as Vice President of Marketing, and was appointed Chief Marketing Officer in 2004. Under his direction, the company’s national brand awareness has grown to 84%, and the multi-channel marketing platform he developed has propelled LendingTree into its current position as one of the top advertisers on the Internet. Mr. Harris joined LendingTree from The Coca-Cola Company, where he was the managing director, consumer marketing, responsible for leading consumer strategy development, channel marketing, and strategic alliance initiatives. Prior to that he spent 11 years at McCormick & Company, where he was responsible for brand marketing, new products and sales initiatives.
IAC is an interactive conglomerate operating more than 60 diversified brands in sectors being transformed by the internet, online and offline... our mission is to harness the power of interactivity to make daily life easier and more productive for people all over the world. To learn more about IAC please visit http://iac.com.
LendingTree, LLC is the nation’s number one online lending exchange, providing a marketplace that connects consumers with multiple lenders that compete for their business. Since inception, LendingTree has facilitated more than 20 million loan requests and $152 billion in closed loan transactions. LendingTree provides access to mortgages and refinance loans, home equity loans/lines of credit, auto loans, personal loans, credit cards and high-yield savings accounts via www.lendingtree.com and 800-555-TREE.
Launched in 1998 with headquarters in Charlotte, North Carolina, LendingTree, LLC also owns and operates LendingTree.com, LendingTree Loans sm, LendingTree Settlement Services, LLC, GetSmart®, and HomeLoanCenter.com. LendingTree, LLC is an operating company of IAC (NASDAQ: IACI).