Tanger Outlets founder names his son as new CEO

By Associated Press
December 2, 2008 | Comments (0)

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Tanger Factory Outlet Centers Inc. said on Tuesday that its next chief executive will be Steven B. Tanger, son of the company's founder and chairman.

The younger Tanger, 59, will start his new job on Jan. 1. He has been president and chief operating officer since 1995, and will keep the president title. He has worked for the company since 1986. He said he looks forward to continuing to work with his father, and said in a prepared statement "we share the same vision for Tanger Outlet's future."

Stanley K. Tanger started the company in 1981. It's now a publicly traded real estate investment trust that owns or manages 33 outlet centers in 22 states.

Tanger shares rose $4.33, or 14 percent, in the regular session Tuesday. But they fell $2.57, or 7.2 percent, to $32.94 in after-hours trading after the CEO announcement.

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