The Government has announced that the chairman of the North West Development Agency, Bryan Gray, will remain in his position for up to another year.
Following months of speculation, Gray and the other six regional development agency chairmen will continue in their jobs, the Department for Business revealed.
Gray, former boss of Preston boiler maker BAXI, was due to retire in December.
Business Secretary Lord Mandelson said: "RDAs have a key role to play in helping businesses through these tough times. At this critical time for the economy I want to see continuity at the top of the RDAs. I thank the Chairs for agreeing to stay on. We need all their experience right now."