GM's board supports CEO -- for now

As a sports fan, I had one thought when I read Ken Bensinger's story about Rick Wagoner (pictured right) in yesterday's Los Angeles Times: Uh-oh.

The gist of Bensinger's story is that the head of General Motors' board of directors' corporate governance committee spoke to the press about the status of GM Chief Executive Rick Wagoner's job tenure, stating that "Wagoner had the 'unanimous' and 'unified' support of the board and that there were no plans to remove him."

A buddy of mine who was a sports writer used to remind us that whenever the owner starts talking about how he has his beleaguered coach's back, and that the coach has his full, unqualified support, that coach ought to be meeting with real estate agents, trying to sell his house before the axe falls. Over and over again, my sportswriter buddy has been proven correct.

Do the same rules apply to major automakers?

Has anybody seen a "For Sale" sign on Rick Wagoner's lawn yet?

Photo © General Motors