Detroit (WWJ) -- General Motors says its board-of-directors continues to support CEO Rick Wagoner -- despite the company's deteriorating financial condition.
The board's 13 directors, who've been gathered in Detroit, say despite last week's reported $15 billion second quarter losses, they still stand behind Wagoner -- and the entire GM management team.
According to sources cited by The Wall Street Journal, the board has yet to determine whether Wagoner is the best candidate to press ahead with GM's recovery effort -- or whether another chief executive might be able to move faster.
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