EX.99.1
Published on December 2, 2008
Tanger
Factory Outlet Centers, Inc.
News
Release
For
Release: IMMEDIATE
RELEASE
Contact: Frank C. Marchisello,
Jr.
(336)
834-6834
Tanger
Outlets Appoints Steven B. Tanger President and Chief Executive
Officer
Founder,
Stanley K. Tanger Remains Chairman of the Board
Greensboro,
NC, December 2, 2008. Based on the recommendation of Stanley K.
Tanger, the company’s Founder, Tanger Factory Outlet Centers, Inc.
(NYSE:SKT) today announced a new executive leadership structure to position the
company for continued growth in the years to come. Effective January 1, 2009,
Steven B. Tanger, the company’s President and Chief Operating Officer since
January 1995, will become President and Chief Executive Officer. Stanley K.
Tanger will remain as Chairman of the Board.
“Steven
and I will both be assuming new roles, which represent the next phase in our
company’s evolution,” Stanley Tanger stated. “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.”
Jack
Africk, lead director of the company’s Board of Directors said, “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.”
Commenting
on his appointment, Steven B .Tanger said, “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. 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.”
Steven B.
Tanger, 59, is a Director of the Company and was named President and Chief
Operating Officer effective January 1, 1995. Previously, he 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. He is the son
of Stanley K. Tanger.
Tanger
Factory Outlet Centers, Inc, (NYSE:SKT) a publicly traded REIT, presently has
ownership interests in or management responsibilities for 33 outlet centers in
22 states coast-to-coast, totaling approximately 10.2 million square feet,
leased to over 2,200 stores that are operated by over 400 different store
brands. For more information call 800-4-TANGER or visit www.tangeroutlet.com.
3200
Northline Avenue, Suite 360 · Greensboro,
NC 27408 ·
336-292-3010 · FAX
336-297-0931