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GM Board Throws Support Behind CEO: WSJ

CNBC.com
Tuesday, 5 Aug 2008 | 3:16 PM ET

The board of directors at General Motors remains supportive of Chief Executive Rick Wagoner, despite the company's recent, unexpected $15.5 billion loss, the Wall Street Journal reported Tuesday.

Wagoner Safe
GM's board announces it's in full support of CEO Rick Wagoner, with CNBC's Phil Lebeau

The Detroit automaker spoke to the newspaper after meetings it held Monday and Tuesday. Wagoner heads the board as chairman.

"The board has expressed its support for Rick Wagoner and the GM management team on several occasions and that has not changed," GM spokesman Steve Harris told the newspaper. (Watch the accompanying video for more on GM's board supporting Wagoner...)

GM has lost more than $18 billion year-to-date as high gasoline prices have pushed consumers away from many of the big vehicles that once were U.S. automakers' stock in trade.

Wagoner has introduced several restructuring moves meant to reduce the company's manufacturing base and reorganize its agreement with the United Auto Workers union.

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