managed as a separate entity while Metso reviews other strategic alternatives for it. As part of this process, Metso evaluated both external and internal options. On 25 October 2012, Metso announced that Metso Recycling will be integrated into Mining and Construction as of 1 December 2012. In August 2013, Metso closed the acquisition of Chinese manganese steel foundry JX. 2013 company demerge On 1 October 2013, the Extraordinary General Meeting approved the demerger of Metso into two companies. At the start of 2014, Metso Corporation's Mining and Construction business and Automation business formed the new Metso Corporation and Metso's Pulp, Paper and Power business formed a new independent company under the name Valmet Corporation. In December 2013 Metso reduced its holding in Valmet Automotive to approximately 41%. As a result of this arrangement, Valmet Automotive ceased to be a Metso subsidiary. In 2015, Metso divested its Process Automation Systems (PAS) business to Valmet, focusing on their mining and aggregates industries operations and on the flow control systems manufacturing business. 2020 partial demerger and combination of Metso Minerals and Outotec In July 2019, it was announced that Metso and Outotec are planning to combine Metso’s Minerals business unit with Outotec. Their combination is complementary and the new company, Metso Outotec will leverage their strengths. The new company’s headquarters will be in Finland and it will maintain its listing on Nasdaq Helsinki. Before the transaction can be completed, the approval is needed by a majority of two-thirds of votes cast and shares represented at the respective EGMs of Metso and Outotec, as well as regulatory approvals. All regulatory approvals were received by 18 June 2020 and partial demerger was registered on 30 June 2020. Metso Outotec and Neles started operations on 1 July 2020. Organization Corporate governance Metso's President and CEO as well as Chairman of the Executive Team is Pekka Vauramo as of 1 November 2018. Metso’s Board of Directors Metso's Board includes the following members. Mikael Lilius (Chairman since 31 December 2013. Board member since 2013.) Christer Gardell (Vice Chairman since 31 December 2013. Board member since 2006.) Peter Carlsson (2016–) Lars Josefsson (2013–) Nina Kopola (2013–) Antti Mäkinen (2018–) Kari Stadigh Arja Talma (2016–) Raimo Brand Metso Executive Team The Executive Team includes the following members. Pekka Vauramo, President and CEO Eeva Sipilä, CFO and Deputy to CEO Stephan W Kirsch, President, Mining Equipment business area Markku Simula, President,