CHARLOTTE, N.C. — C.D. Davis, a former executive with Wachovia, is the new chief executive officer at LendingTree, the company disclosed on Monday.
The news came just two days after LendingTree, which is based in Charlotte, had laid off 20 percent of its staff due to the continuing slump in the home mortgage business. LendingTree is best known for a service that matches home buyers with lenders.
LendingTree also promoted Bob Harris, a veteran from its own ranks, to president and chief operating officer.
Tom Redden resigned as LendingTree’s CEO on May 4.
“C.D. is an exceptional leader, whose operational expertise and deep understanding of the mortgage industry make him the perfect choice to lead LendingTree,” said Doug Lebda, LendingTree’s founder who is now president and chief operating officer of IAC. IAC is the parent firm of 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," Lebda added.
LendingTree was acquired by IAC in 2003.
Davis served as CEO of Wachovia Mortgage Corporation. Harris was chief marketing officer at Lending Tree. He joined the company in 2000.
The layoffs affected approximately 440 people in Charlotte, Irvine, Calif., and Jacksonville, Fla.
Ledba founded Lending Tree in 1998.
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