Webvan’s founder breaks final ties with the company

Louis H. Borders, founder of Webvan, has resigned from the board of directors. The company says his resignation was due to personal reasons. Borders founded Webvan in December 1996 and served as president and chief executive officer from December 1996 to September 1999. He served as the chairman of the company`s board of directors from December 1996 until September 2000, and as a member of its board of directors thereafter. "In 1996, Louis Borders had a vision -- to leverage technology and the Internet to transform and simplify the way people shop," said George T. Shaheen, chairman and chief executive officer of Webvan Group Inc. "Louis` vision remains the guiding force behind Webvan today." Webvan`s board of directors is comprised of George T. Shaheen, chairman and chief executive officer of Webvan Group Inc.; 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.