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Do you think that Ben Bernanke and the Fed have done a good job since the economic downturn?August 06, 2008 GM’s Board Supports CEODespite General Motor’s $15.5 billion loss in the second quarter, the board remains supportive of CEO Rick Wagoner, according to The Wall Street Journal. The 14-member board met August 4 and 5 for their annual product review.
"The board has expressed its support for Rick Wagoner and the GM management team on several occasions, and that has not changed," said GM spokesperson Steve Harris to WSJ.
According to WSJ, the board believes that Wagoner is qualified to deal with the situation the company is currently in. It is unknown if executive sessions were held without Wagoner or other executives in attendance.
George Fisher, the lead independent director declined to comment. Fisher has said in June that the board backs the executive team.
Wagoner has been CEO since 2000. He has cut $9 billion in structural costs, reworked the contract with the United Auto Workers union and expedited increase in global markets.
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