SINGAPORE (Jan 31): Ang Kiam Meng, executive chairman and CEO of the Jumbo group of seafood restaurants, is relinquishing his role as chairman of the board to focus on the restaurant chain's next stage of growth.

Lead independent director Tan Cher Liang, who co-founded corporate services group Boardroom, will take over as the new independent chairman.

Ang will now be executive director and group CEO.

In FY16, Jumbo’s earnings rose 46.3% to $15.5 million from a year ago due to higher gross profit and share of results of associates.

Revenue increased 11.4% to $136.8 million due mainly to revenue contributions from the group’s two new Jumbo Seafood outlets in Shanghai, China, as well as an overall increase in revenue from the rest of the group’s restaurants.

(See also: Jumbo’s FY16 earnings rise 46.3% to $15.5 mil)

(See also: Jumbo to open seafood restaurants in Vietnam)

Shares of Jumbo closed at 78 cents.