GM board stands fully behind Chairman Rick Wagoner

[Truth Teller]

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.

...

http://www.freep.com/article/20081206/COL06/812060371

[Nexus7]

1. WTF do boards of directors do?

Fire the whole lot of them, I say. If they actually do something, then their decisions led us into this mess. If they don't do anything, then they're leeching off workers' labor.

[amandabeech]

3. Boards of Directors determine generally the direction of the corporation,

go over the audited financial statements carefully (in public corps like GM and Ford), hire executives and determine those executives' compensation.

The Board members are elected by the shareholders. However, sometimes the Board members are not all elected in the same year, like U.S. Senators.

IMHO, if you really want to change GM, you get rid of the current Board members.

Both Mulally at Ford and Nardelli at Chrysler are fairly new to their jobs and do not come from the auto companies. I think Mulally has made some good decisions with Ford--he turned around Boeing. Billy Ford got him to come in and see what he could do with Ford.

[msongs]

2. let the board stand behind Wagoner....in the unemployment line nt

[Truth Teller]

7. Exactly n/t

[oldnslo]

4. The board needs their asses kicked out too.

The dumbassed board of directors, you know, the guys authorizing the huge salary and bonus packages for the CEO, need to be replaced with the CEO. They have had a lot to do with CEO over-compensation over the years.

[Phred42]

5. The boards of all 3 should be dissapeared to Gitmo

for some re-education

[FarCenter]

6. The GM Board of Directors

The General Motors Board of Directors 

Percy N. Barnevik
Retired Chairman,
AstraZeneca PLC 
Director since 1996

Erskine B. Bowles
President,
The University of North Carolina
Director since 2005

John H. Bryan
Retired Chairman 
and Chief Executive Officer, 
Sara Lee Corporation 
Director since 1993

Armando M. Codina
President 
and Chief Executive Officer,
Flagler Development Group
Director since 2002 

Erroll B. Davis, Jr.
Chancellor,
University System of Georgia
Director since 2007 

George M.C. Fisher
Retired Chairman
and Chief Executive Officer, 
Eastman Kodak Company 
Director since 1996 

E. Neville Isdell
Chairman
and Chief Executive Officer,
The Coca-Cola Company 
Director since 2008

Karen Katen
Chairman,
Pfizer Foundation,
Retired Vice Chairman,
Pfizer Inc and Retired President,
Pfizer Human Health,
Director since 1997 

Kent Kresa
Chairman Emeritus,
Northrop Grumman Corporation
Director since 2003 

Ellen J. Kullman
Executive Vice President,
DuPont,
E.I. du Pont de Nemours and Company
Director since 2004

Philip A. Laskawy
Retired Chairman
and Chief Executive Officer,
Ernst & Young
Director since 2003

Kathryn V. Marinello
Chairman
and Chief Executive Officer,
Ceridian Corporation
Director since 2007

Eckhard Pfeiffer
Retired President
and Chief Executive Officer,
Compaq Computer Corporation
Director since 1996

G. Richard Wagoner, Jr.
Chairman
& Chief Executive Officer,
General Motors Corporation 
Director since 1998 

04/25/08 GM Proxy Statement