- Push-out Score determined
- After less than four years in the position
- Steve Yalof taking over
- Tanger will remain as Executive Chair at Tanger Factory Outlet Centers Inc.
- Tanger said 74 words
(exechange) — Greensboro, North Carolina, April 7, 2020 — Steve Tanger, chief executive of Tanger Outlets, leaves his post. His departure is made public at an early stage. As announced by Tanger Factory Outlet Centers Inc. in a news release on Tuesday, April 7, 2020, Steven B. (Steve) Tanger leaves his post as chief executive officer at the real estate investment trust after less than four years in the role, effective December 31, 2020.
The announcement of Steve Tanger’s move comes 11 months after David B. Henry took over as Chairman of Tanger Factory Outlet Centers, Inc.
Long goodbye
It is a long goodbye. The announcement of Steve Tanger’s move comes up to nine months prior to his planned departure from the post of CEO.
In general, a top executive who announces the departure very early may be considered a lame duck.
Steve Tanger’s duties as CEO will be taken over by Stephen (Steve) Yalof, most recently Chief Executive Officer of Simon Premium Outlets.
The fact that Steve Tanger’s successor is brought in from outside suggests that the board may seek to stimulate change with fresh ideas and new initiatives.
Tanger will remain as Executive Chair at Tanger Factory Outlet Centers Inc.
“Stephen Yalof, a successful and proven retail real estate executive, will join the Company as President and Chief Operating Officer effective April 10, 2020. The Company’s Board of Directors also intends to extend Steven B. Tanger’s contract through the end of 2023. At the beginning of 2021, Mr. Yalof will succeed Mr. Tanger as Chief Executive Officer, and Mr. Tanger will remain on the Board and begin serving as Executive Chair. At that time, David Henry, currently Non-executive Chair of the Board, will become Lead Independent Director,” Tanger Outlets said.
“Thoughtfully executing a leadership succession plan”
Steve Tanger’s departure from the CEO post is explained as follows. Steven B. Tanger said: “Steve’s appointment as President and subsequent assumption of the CEO role meet both the Board’s objective of thoughtfully executing a leadership succession plan and my personal desire to begin transitioning my duties to a new leader beginning in 2021.”
Share price decline
The announcement follows a decline in Tanger Factory Outlet Centers Inc.’s share price of 82% since May 2017.
Chaired by David B. Henry
Tanger Factory Outlet Centers Inc. is chaired by David B. Henry.
David B. Henry serves as Non-Executive Chair of the Board since May 17, 2019 and Director of the Company since January 1, 2016. Henry was formerly the Vice Chairman of the Board of Directors and Chief Executive Officer of Kimco Realty Corporation (“Kimco”).
In the position of CEO since 2017
Steve Tanger became CEO of the Company in 2017.
Tanger has served as the Company’s Chief Executive Officer since May 2017; President and Chief Executive Officer from January 2009 to May 2017; President and Chief Operating Officer from January 1995 to December 2008; and Executive Vice President from 1986 to December 1994. Tanger served on the board of directors of The Fresh Market, Inc. from June 2012 to April 2016.
Tanger joined the Company’s predecessor in 1986 and is the son of the Company’s founder, Stanley K. Tanger.
Together with his father, Tanger has helped develop the Company, which as of March 1, 2020, consisted of 39 upscale outlet shopping centers in 20 states and in Canada, totaling approximately 14.3 million square feet leased to over 2,800 stores operated by more than 515 different brand name companies.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding the management change on a scale of 0 to 10.
Read the full story in the exechange report 15.2020 ($).