Tanger Outlets Names Jack Africk as Interim Non-Executive Chairman of the Board
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GREENSBORO, N.C., Aug. 27, 2009 (GLOBE NEWSWIRE) -- Tanger Factory Outlet
Centers, Inc. (NYSE:SKT) today announced that Jack Africk, the Company's Lead
Independent Director, will become Interim Non-Executive Chairman of the Board.
The Company's Board of Directors has appointed Mr. Africk to this role following
the notification by Stanley K. Tanger of his retirement as an employee of the
Company and resignation as Chairman of the Board, effective September 1, 2009.
Mr. Tanger will continue to serve as a member of the Company's Board of
Directors.
A member of the Company's Board of Directors since the Company went public in
1993, Mr. Africk has served as the Chairman of the Company's Audit Committee
from 1993 to 2006, as well as Chairman of the Company's Compensation Committee
and Lead Director from 1993 to the present.
"As an industry pioneer and founder of the Company, Stanley Tanger has over 27
years of service at Tanger Outlets, including the past 15 years as an 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," stated Jack Africk.
"The Board of Directors and I as Interim Non-Executive Chairman plan to continue
to build on Mr. Tanger's successful and committed leadership as it moves
forward. The Board will continue to provide guidance to the Company's management
team and employees so that the Company can achieve its goals and best serve the
interests of its shareholders."
Mr. Africk is a veteran with more than 45 years of business experience. Prior to
his retirement from U.S.T. Inc., Mr. Africk served as vice chairman of UST
(Parent Company) and president and chief executive officer of UST's Wine and
other subsidiaries. He joined UST in 1979 as president of a new international
division and drawing on previous experience, he spearheaded the company's
marketing efforts abroad. In 1981, he was elected senior vice president of the
company, and in 1984 executive vice president. Mr. Africk was later named
president and chief executive officer in 1987.
Prior to joining UST, Mr. Africk held executive positions with other companies
including, president of RJ Reynolds-Puerto Rico and senior vice president of
RJR-MacDonald, Inc., RJ Reynolds-subsidiary in Canada, executive vice president
at Ligget & Myers and president and chief operating officer of North Atlantic
Trading Company. In June 1993, Mr. Africk formed the Evolution Consulting Group,
Inc., a premier organization serving financial, organizational and marketing
needs for many companies. Mr. Africk currently serves as a director for Albertus
Magnus College, North Atlantic Trading Company, Florida's Police Foundation,
Bruce Edwards & Associates, Evolution Partners, and Tanger Factory Outlet
Centers, Inc.
Tanger Factory Outlet Centers, Inc.(NYSE:SKT), a fully integrated,
self-administered and self-managed publicly traded REIT, presently owns and
operates 31 outlet centers in 21 states coast to coast, totaling approximately
9.2 million square feet of gross leasable area. Tanger also operates two outlet
centers containing approximately 950,000 square feet. For more information on
Tanger Outlet Centers, visit the company's web site at www.tangeroutlet.com.
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CONTACT: Tanger Factory Outlet Centers, Inc.
Frank C. Marchisello, Jr.
(336) 834-6834
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