CEO of Chinese paper company departs

RICHMOND, Va. (AP) — A top executive at a Chinese pulp and paper company planning a $2 billion manufacturing plant near Richmond has left the company.

The Richmond Times-Dispatch reports Dong Lan was recently named as acting CEO of Tranlin, which also goes by Vastly, following the departure of former CEO Jerry Z. Peng.

The company did not give a reason for Peng’s departure. He has been the public face of the company’s plans to build a massive plant in Chesterfield County, which Gov. Terry McAuliffe has touted as one of his biggest economic development successes.

The company had to defer payment last year for about $2 million in grants the state awarded for the project because of project delays. The company has said the plant should be running by 2020.

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Information from: Richmond Times-Dispatch, http://www.timesdispatch.com

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