Webvan (WBVN) , the troubled online grocer, was down 16.7% in midafternoon after it announced that CEO George Shaheen turned in his resignation Friday. Shaheen said the company needs "a different kind of executive."

COO Robert Swan is in charge as the company searches for a replacement. Webvan's auditors have expressed doubt that the company can survive the coming year. Since July, Webvan has fallen steadily from a high above $8 to as low as 6 cents recently.

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