Stanley Tanger will remain as chairman of New York Stock Exchange-traded Tanger Factory Outlet Centers Inc. Steven Tanger will take over as president and CEO. He has been president and chief operating officer since 1995.
"Steven and I will both be assuming new roles, which represent the next phase in our company's evolution," says 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."
Commenting on his appointment, Steven Tanger says, "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. We share the same vision for Tanger Outlets future and in our culture as the foundation of our success and future growth."Steven Tanger joined the company in January 1986 as executive vice president.
Jack Africk, lead director of the company's board of directors, notes, "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.
"His in-depth knowledge of Tanger and the outlet industry, along with his bold, charismatic leadership style, allowed him to lead the company to outstanding and consistent returns throughout his tenure.
"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."
The company's 33 outlet centers lease space to over 2,200 stores that are operated by over 400 different store brands.
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