DETROIT -- When General Motors' board of directors issued an April 3 press release noting its support for CEO Rick Wagoner, the bland statement offered no hint of the board's behind-the-scenes drama.
On Sunday, April 2, Wagoner had asked the board for a vote of confidence.
Had he failed to receive that endorsement, he was prepared to resign, says a source familiar with the board's deliberations.
During its Sunday meeting, the board met to approve the sale of General Motors Acceptance Corp. After they wrapped up their discussion of GMAC, the company's outside directors gave Wagoner the endorsement he had requested.
Although the statement of support was buried in the fifth paragraph of the April 3 release, it restores Wagoner's clout at a crucial moment in GM's turnaround effort.