Remember when we reported that Renault were looking for a replacement for chief executive Carlos Ghosn? Well, they've found him, and he's called Carlos Ghosn.

Yes, Renault's hunt for a new boss has ended with the French car maker finishing exactly where it started.

It had been expected that Ghosn would step down from day-to-day responsibilities and assume a more strategic role as chairman of the French car maker, and headhunters had been appointed with a brief to find a new CEO. But according to French newspaper Le Figaro, Ghosn won't step down when his contract expires in June. Instead, the company will appoint a deputy to report directly to the 63-year-old. Renault's chief competitive officer Thierry Bolloré has emerged as an early favourite for the role.

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A renewal of Ghosn's contract will be put forward at the Renault-Nissan Alliance's next board meeting on 15 February. The move has already been approved by the French government, which remain's the company's biggest shareholder, although nothing has been confirmed by any of the parties involved.

A February deadline had initially been set in order to appoint a successor to Ghosn ahead of the company’s annual general meeting in May. Ghosn currently holds the position of chairman and CEO of Renault – the board was looking to separate those functions once again, and Ghosn was expected to remain in place as chair, giving up his day-to-day operational responsibility over the car maker, although now there is reportedly not going to be any change to Ghosn's responsibilities.

The Brazilian-born executive already stood down as CEO of Nissan last year, but remains head of the Renault-Nissan alliance as a whole – which also includes Mitsubishi, thanks to Renault's 34 percent stake in the company. Despite leaving his role of CEO at Nissan, he is still chairman of the company, as well as heading up the boards at Renault and Mitsubishi.