FOSTER CITY, Calif. -- Webvan here said George T. Shaheen has resigned from the company. Shaheen had been Webvan chief executive officer since October 1999 and chairman since February.
f executive is needed to lead the company at this time, and as such it no longer makes sense for me to continue in my role and I will be leaving the company.
"I am convinced, as I have been from the outset, that Webvan has a solid business model, which over time will alter retailing and the way people shop."
As previously reported, Deloitte & Touche, New York, Webvan's auditors, said earlier this month in a filing with the Securities and Exchange Commission that Webvan requires a substantial amount of capital to continue regular operations. Last month, the company closed its Dallas operations and announced it would not be entering any new markets.
Shaheen plans to take some time to evaluate his future and pursue personal objectives, according to Webvan.
Prior to joining the company, Shaheen spent 10 years as CEO at Andersen Consulting, Chicago, which last year broke away from its corporate parent, Andersen Worldwide, and changed its name to Accenture.
