WEBVAN'S CHAIRMAN-CEO RESIGNS

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(April 17, 2001) -- George T. Shaheen, chairman and CEO of Foster City, Calif.-based Webvan Group, has resigned. He served as CEO since October 1999 and was chairman of Webvan's board of directors since February.

Robert Swan, chief operating officer of the online grocery retailer, has taken Shaheen's place until a permanent successor is chosen by the company's board of directors.

Shaheen's resignation follows the release of Webvan's annual report several weeks ago, which included a warning from its auditor expressing "substantial doubt" that the company will survive the year without raising an additional $5 million to $15 million. -- Adrienne Mand

Copyright April 2001, Crain Communications Inc.

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