The Hoops have endured an underwhelming season, and are currently 18 points adrift of Rangers at the summit of the Scottish Premiership table.
As a result, Lennon has found himself at the centre of heightened scrutiny from some sections of the fanbase, but the Northern Irishman has repeatedly ruled out any move to resign from his position in the dugout, and Parkhead chiefs have made it clear that they intend to stand by him for the time being.
In recent outings, Celtic have looked more like their old selves, and the Bhoys have now won their last three league matches in a row, including a comfortable 4-0 victory over St. Mirren on Wednesday.
Reflecting on that display, Caldwell told Sky Sports News that he believes the Hoops’ resurgent form is partially due to the board’s vocal support for the under-fire Lennon.
He said: “I think the board have said it on numerous occasions, and I think what's it done is that it’s given the players a bit of confidence.
"They need to look to the next game. It’s an old cliche in football but they just have to focus on the next game and try and win that, and see where that takes them up to the end of the season.
“Slowly but surely the confidence is coming back into the team, and last night, it was more convincing in the end, but I think what was impressive was how ruthless they were.”