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.

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