Beleaguered online grocer Webvan has been dealt another blow with the resignation of founder Louis Borders from the company’s board.
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The move follows Borders’ resignation as chairman last October, when he handed over the day to day running of the company to senior management. Borders, who remains Webvan’s largest shareholder, said at that time he would maintain his close involvement in the company via his position on the board.
Now it appears he has had a change of heart, likely triggered over a difference of opinion over the running of the company. Webvan spokesman Bud Grebey indicated that Borders had wanted to focus on long-term “visionary” planning, while other board members were more concerned with Webvan’s immediate future.
Borders is a co-founder of the Borders bookstore chain, and moved into online grocery in 1999. Webvan received financial backing from a number of prestigious Silicon Valley venture capitalists, but is struggling to generate sales to match its cash burn rate.
Borders has not revealed his immediate plans, although Grebey commented that he “is always tinkering and thinking out far ahead.” Borders was not available for comment.
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By GlobalDataTo read a recent news wrap-up outlining Webvan’s problems, click here
