GREENSBORO, N.C., April 7, 2020 /PRNewswire/ -- Tanger Factory
Outlet Centers, Inc. (NYSE: SKT) announced today that 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.
In his most recent role, Mr. Yalof served as Chief Executive
Officer of Simon Premium Outlets since 2014. His career also
includes more than 20 years with retailers, including leadership
roles at global brands Ralph Lauren Corporation and Gap, Inc. He
earned a B.S. in Business Administration at George Washington
University.
"I am incredibly excited about the future prospects for Tanger
Outlets. I look forward to working alongside Steve and with the
entire Tanger team as we continue to navigate the ever-evolving
retail landscape. Drawing on my background and experience, I
believe we have numerous opportunities to maximize the long-term
growth potential of the Company as we work to create value for our
tenants, investors and other stakeholders," said Mr. Stephen Yalof.
"Steve's background is accomplished and unique, including
experience as both a landlord and a tenant. With extensive retailer
relationships and a successful industry track record, he is a
valued enhancement to our executive leadership team," said
Steven B. Tanger, Chief Executive
Officer. "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."
COVID-19 Update
As an update to the press release the Company issued on
March 31, 2020 regarding the impact
of the COVID-19 pandemic, Tanger's executive leadership team and
Board of Directors have elected to temporarily reduce their base
salaries and cash retainers, respectively, in an effort to avoid a
workforce reduction and to maintain healthcare benefits for all
employees. Mr. Tanger has agreed to a 50% reduction and the
remainder of the Company's named executive officers, including Mr.
Yalof, and the Board of Directors have agreed to a 25% reduction.
Lesser reductions in salaries and wages for other officers and
certain employees will also apply.
Tanger is currently working with its tenants to facilitate the
monetization of excess inventory when its centers, substantially
all of which are open-air, re-open. The Company continues to
provide its properties for blood drives, food collection sites,
curbside food pick-up, law enforcement and emergency medical
services staging areas and related services to the communities it
serves.
About Tanger Factory Outlet Centers, Inc.
Tanger Factory Outlet Centers, Inc. (NYSE: SKT), is
a publicly-traded REIT headquartered in Greensboro, North Carolina that presently
operates and owns, or has an ownership interest in, a portfolio of
39 upscale outlet shopping centers. Tanger's operating
properties are located in 20 states and in Canada, totaling approximately 14.3 million
square feet, leased to over 2,800 stores which are operated
by more than 510 different brand name companies. The
Company has more than 39 years of experience in the outlet
industry. Tanger Outlet Centers continue to attract more than 181
million visitors annually. For more information on Tanger Outlet
Centers, call 1-800-4TANGER or visit the Company's website
at www.tangeroutlets.com.
Safe Harbor Statement
This news release contains certain forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. The Company intends such forward-looking statements to be
covered by the safe harbor provisions for forward-looking
statements contained in the Private Securities Litigation Reform
Act of 1995 and includes this statement for purposes of complying
with the safe harbor provisions. Forward-looking statements, which
are based on certain assumptions and describe the Company's future
plans, strategies and expectations, are generally identifiable by
use of the words "believe," "expect," "intend," "anticipate,"
"estimate," "project," "will," "forecast" or similar expressions,
and include the opportunities to maximize the long-term growth
potential of the Company and the impacts to the Company's business
and operations as a result of the COVID-19 pandemic.
You should not rely on forward-looking statements since they
involve known and unknown risks, uncertainties and other important
factors which are, in some cases, beyond our control and which
could materially affect our actual results, performance or
achievements. Important factors which may cause actual results to
differ materially from current expectations include, but are not
limited to: risks related to the ongoing COVID-19 pandemic; our
inability to develop new outlet centers or expand existing outlet
centers successfully; risks related to the economic performance and
market value of our outlet centers; the relative illiquidity of
real property investments; impairment charges affecting our
properties; our dispositions of assets may not achieve anticipated
results; competition for the acquisition and development of outlet
centers, and our inability to complete outlet centers we have
identified; the bankruptcy of one or more of the retailers in our
centers; the fact certain of our lease agreements include
co-tenancy and/or sales-based provisions that may allow a tenant to
pay reduced rent and/or terminate a lease prior to its natural
expiration; environmental regulations affecting our business; risks
associated with possible terrorist activity or other acts or
threats of violence, public health crises and threats to public
safety; our dependence on rental income from real property; our
dependence on the results of operations of our retailers; the fact
that certain of our properties are subject to ownership interests
held by third parties, whose interests may conflict with ours;
risks related to uninsured losses; the risk that consumer, travel,
shopping and spending habits may change; risks associated with our
Canadian investments; risks associated with attracting and
retaining key personnel; risks associated with debt financing;
risks associated with our guarantees of debt for, or other support
we may provide to, joint venture properties; the effectiveness of
our interest rate hedging arrangements; uncertainty relating to the
potential phasing out of LIBOR; our potential failure to qualify as
a REIT; our legal obligation to make distributions to our
shareholders; legislative or regulatory actions that could
adversely affect our shareholders; our dependence on distributions
from the Operating Partnership to meet our financial obligations,
including dividends; the risk of a cyber-attack or an act of
cyber-terrorism and other important factors set forth under Item 1A
- "Risk Factors" in the Company's and the Operating Partnership's
Annual Report on Form 10-K for the year ended December 31, 2019, as may be updated or
supplemented in the Company's Quarterly Reports on Form 10-Q and
the Company's other filings with the SEC. Accordingly, there is no
assurance that the Company's expectations will be realized. The
Company disclaims any intention or obligation to update the
forward-looking statements, whether as a result of new information,
future events or otherwise. You are advised to refer to any further
disclosures the Company makes or related subjects in the Company's
Current Reports on Form 8-K that the Company files with the
SEC.
Investor Contact
Information
|
Media Contact
Information
|
Cyndi
Holt
|
Quentin
Pell
|
VP, Investor
Relations
|
VP, Corporate
Communications & Enterprise Risk Management
|
336-834-6892
|
336-834-6827
|
Cyndi.holt@tangeroutlets.com
|
Quentin.pell@tangeroutlets.com
|
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SOURCE Tanger Factory Outlet Centers, Inc.