RealTime IT News

Webvan Founder Resigns from Board

Louis H. Borders, founder and former president of Webvan Group Inc., Wednesday resigned from the company's board of directors, citing personal reasons.

Borders founded the online grocery delivery company in December of 1996 and served as its president and chief executive officer from the start through September 1999.

He was chairman of the board from December 1996 until September 2000, and served as a board member since then.

Borders' idea to create a full-service online retailer with an easy-to-use Web site is inspirational, noted George T. Shaheen, chairman and chief executive officer of Webvan Group Inc.

"He was the catalyst behind a state-of-the-art inventory-management system, and fleet of custom delivery vans that provide an efficient online ordering and delivery service," Shaheen said. "Louis' vision remains the guiding force behind Webvan today.

"On behalf of all Webvan shareholders, employees and customers, I want to thank Louis for his foresight and the tremendous contributions he has made to our company. We wish him well in any future endeavors."

Webvan's board of directors presently is comprised of Shaheen; Jim Barksdale, partner of The Barksdale Group; David M. Beirne, general partner, Benchmark Capital; Christos M. Cotsakos, chairman and chief executive officer of E*Trade Group; Tim Koogle, chairman and chief executive officer of Yahoo! Inc.; Michael Moritz, general partner, Sequoia Capital; and Mary Alice Taylor, former chairman and chief executive officer of HomeGrocer.com.