Wanderers are 19th in the table, five points adrift of safety after losing nine of their last 11 league fixtures. Moxey admits the situation must improve quickly but insists the club's hierarchy believe McCarthy is the right man to guide Wolves away from trouble.
In his programme notes ahead of the clash with Sunderland at Molineux, Moxey said: "All of us connected with the club understand that we have to improve our position and the biggest challenge in aiming for that is to maintain our confidence and self-belief.
"But internally we believe we have the management structure and playing staff in place with the required levels of quality and commitment that will see the team climbing the table. What is definitely clear is that our situation won't be helped if we allow outside influences such as speculation about the future of anyone connected with the club - or questions about how successful we are going to be - to interfere with the task in hand of picking up positive football results in the forthcoming fixtures.
"We know what we are about and we are focused and together as a unit at the club from top to bottom. A successful organisation in any industry is usually the one which does not press the panic button at difficult times and does not take any action which ultimately allows its opposition an advantage.
"More than ever now we all have to stick together as a club, both on and off the pitch, to do what is right for Wolves and show that the stability we have built up in recent years can once again help to drive the club forward from a difficult position."
Source: PA
Source: PA