Board tightens watch on GM

The lead outside director of General Motors Corp. said Wednesday that Chairman and CEO Rick Wagoner has the board's unanimous backing but added that directors are keeping closer tabs on the automaker during this difficult stretch for the industry.

At the close of a meeting Tuesday of the 14-member board, headed by Wagoner, GM officials said the board reiterated its support for Wagoner and his management. Board member George Fisher reinforced the message Wednesday to quell talk in the media of mounting pressure on Wagoner after GM's first-half losses totaled $18.8 billion.

"I can assure you that the board is unanimous in its support of Rick Wagoner and the management team to get through these difficult times," Fisher told The Detroit News. "We truly feel we have the best management team to get this job done."

At the same time, directors now hold more frequent consultations with the company. "We have not only regular (board) meetings, but we have weekly update information calls on all the key issues we're dealing with," he said. Detroit News