GM's board behind Wagoner, management plan: company

Business Materials 6 August 2008 04:40 (UTC +04:00)

General Motors Corp's board of directors stands behind Chief Executive Rick Wagoner and the automaker's management, a company spokesman said on Tuesday, Reuters reported.

GM, which posted a $15.5 billion net loss for the second quarter, has been restructuring for more than three years, slashing thousands of factory and salaried jobs and closing plants to try to return to profitability.

"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 said.

GM's board was meeting this week for its annual product review. GM posted losses totaling $51 billion from 2005 through 2007. It has steadily lost market share to the transplant automakers in its home market and this year has been trailing Japan's Toyota Motor Corp in global sales.