WEBVAN TO FOCUS ON PROFITS, NOT EXPANSION

FOSTER CITY, Calif. -- Webvan Group here said it would delay the opening of three distribution centers in an attempt to reduce losses and focus on bringing its existing centers to profitability.Also last week, Webvan said its founder and chairman of the board, Louis H. Borders, would step aside and that George T. Shaheen, Webvan's president, would assume Borders' role as chairman. Borders will remain

FOSTER CITY, Calif. -- Webvan Group here said it would delay the opening of three distribution centers in an attempt to reduce losses and focus on bringing its existing centers to profitability.

Also last week, Webvan said its founder and chairman of the board, Louis H. Borders, would step aside and that George T. Shaheen, Webvan's president, would assume Borders' role as chairman. Borders will remain on the board. Also, CFO Robert Swan was elevated to chief operating officer.

Register to view the full article

Already a member? .