US: GM board right behind Wagoner - reports
GM's board of directors remains right behind Chief Executive Rick Wagoner following the company's whopping Q2 loss of $15.5bn, according to US media reports.
Reports say that the board composed of fourteen members with Wagoner as chairman, met earlier this week and were part of a long arranged annual review of operations.
"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 Wall Street Journal.
Some industry commentators in the US have said that there could be increasing dissatisfaction within GM's board after the latest results and a feeling in some quarters that Wagoner is not delivering on the bottom line, despite intensive restructuring at home. His supporters counter that by asking one simple question: what's the alternative?