By Johnny Jackson
Tanger Factory Outlet Centers, Inc., recently announced the restructuring of its executive leadership.
Effective Jan 1, 2009, Steven Tanger, the company's president and chief operating officer since January 1995, will become the company's president and CEO.
"With this exciting news, it continues to be business as usual," said Holly Duffey, general manager of the Tanger Outlet Center in Locust Grove. "Tanger remains focused on providing its shoppers with the best value on brand-name outlet shopping across America."
Company founder Stanley Tanger, who recommended the restructuring, in anticipation of future growth, will remain chairman of Tanger's board of directors.
"Steven and I will both be assuming new roles, which represent the next phase in our company's evolution," said Stanley Tanger. "I am pleased that since founding the company in 1981, Tanger Outlets has grown into a strong, resilient company capable of delivering consistent growth and profitability. It has been an honor to serve our shareholders, our employees and Board of Directors as CEO. I am confident in our company's future and I look forward to being part of a seamless transition."
Steven Tanger, 59, is the son of Stanley Tanger. He has served as executive vice president since joining the company in January 1986. He is a graduate of the University of North Carolina at Chapel Hill and completed the Executive Program at the Stanford University School of Business.
"I am extremely honored by the board's confidence in me, and I look forward to continuing to work with Stanley as we have done for 22 years," added Steven Tanger. "We share the same vision for Tanger Outlets future, and in our culture as the foundation of our success and future growth. I am excited by the opportunity to serve our company in this new leadership position, as we work together to continue Tanger's strong performance record."
The company, which now has 33 outlet centers in 22 states across the country, expects to grow next year by two new centers. Tanger Factory Outlet Centers includes a combined 10.2 million square feet of leased retail space for more than 2,200 stores and more than 400 different store brands.
"As an industry pioneer and founder of the company, Stanley Tanger has 27 years of service at Tanger Outlets, including the past 15 years as CEO of a NYSE company," said Jack Africk, lead director of the company's board. "Ensuring a smooth transition is one of the foremost responsibilities of the board of directors, and with that in mind, our board has worked closely with Stanley and Steven on a planned management succession for several years."