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Webvan founder steps down

Chief executive George Shaheen will take over as chairman of the online grocer, while founder Louis Borders will remain on the board of directors.

Webvan founder Louis Borders is stepping down as chairman of the online grocer, the company announced today.

Chief executive George Shaheen will take over as chairman. Borders will remain on the board of directors.

"I whole-heartedly support George Shaheen assuming the chairmanship of Webvan," Borders said in a statement. "I am pleased with the development of the company, and I look forward to continuing my involvement as an active board member."

The changes at Foster City, Calif.-based Webvan come about three weeks after the company completed its acquisition of HomeGrocer and laid off 50 workers. On Friday, Webvan announced that the integration of HomeGrocer's facilities and technology into Webvan's operations is the company's top priority.

As a result, Webvan said it would delay opening service to the Baltimore-Washington, D.C. and Bergen County, N.J., markets until the second half of 2001. Previously, Webvan planned to launch its service in those markets during the fourth quarter of this year.

In early afternoon trading, Webvan was trading at $3.03, up 13 cents. The company is far off its 52-week high of $34 a share.