General Motors Corp.'s board of directors, as the automaker's survival hinges on approval of at least $4 billion in federal loans this month, stands fully behind embattled Chairman Rick Wagoner, a GM director told the Free Press on Friday.
Kathryn Marinello, who joined GM's board in early 2007, said Wagoner and his executive team don't get enough credit for massive cost-cutting and revival of GM's product line.
"Rick came in after many years of operating issues as well as union issues at GM, and is now facing just an amazing, unprecedented set of economic issues," she said. "And, yes, some of those things could be pinned to the current management, but many of the issues that Rick has faced and is resolving are historical and legacy issues. And they die hard."
Wagoner has been GM's chief executive officer since 2000, and has become a lightning rod for critics as GM losses mounted.
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http://www.freep.com/article/20081206/COL06/812060371
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