San Marcos Mercury | Local News from San Marcos and Hays County, Texas

December 5th, 2008
Tanger announces change at top

STAFF REPORT

Tanger Outlet Centers, based in Greensboro, N.C., with a location in San Marcos, announced a succession at the top this week.

Stanley Tanger, the company’s chief executive officer for the last 15 years, is stepping down and handing the reigns over to his son, Steven Tanger. The elder Tanger will remain the company’s chairman of the board.

The change will take effect on Jan. 1.

“Steven and I will both be assuming new roles, which represent the next phase in our company’s evolution,” Stanley Tanger said. “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.”

Said Jack Africk, lead director of the company’s board of directors, “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.”

Steven B. Tanger, 59, is a director of the company and was named president and chief operating officer effective Jan. 1, 1995. Previously, he served as executive vice president since joining the company in January 1986. Tanger 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,” Steven Tanger said. “We share the same vision for Tanger Outlets future and in our culture as the foundation of our success and future growth.”

Tanger Factory Outlet Centers, Inc, a publicly traded company, has ownership interests in or management responsibilities for 33 outlet centers in 22 states coast-to-coast, totaling approximately 10.2 million square feet. The company leases space to more than 2,200 stores that are operated by more than 400 different store brands.

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