Yeah, a vote of confidence from the board might as well be the manager's eulogy. He's still there, so I can only assume by not sacking him they're backing him, and when they no longer back him, they'll sack him. Sounds like I'm stating the obvious, but without a public statement or any insider knowledge, what else can you go on?
If he makes it to the window, I'd expect them to publicly back him with transfer funds. If they decide to pull the trigger at that point, they should be next out the door.