"Steven and I will both be assuming new roles, which represent the next phase in our company's evolution," Stanley Tanger stated in a release. "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. I am confident in our company's future and I look forward to being part of a seamless transition."

Steven Tanger is a director at the publicly traded REIT, and has been with the company since 1986. "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," he said in a release. "We share the same vision for Tanger Outlets future and in our culture as the foundation of our success and future growth."

Tanger Factory Outlet Centers Inc. holds ownership or management responsibility for 33 outlet centers in the US, encompassing 10.2 million square feet. According to the REIT's website, Tanger welcomed more than 150 million shoppers into its retail centers in 2006.