Simon Premium Outlets chief is chosen to lead Tanger
Stephen Yalof, who has directed Simon’s outlet chain division since 2014, has joined Tanger Factory Outlet Centers as COO and will succeed Steven B. Tanger as CEO in 2021. Tanger will remain on the company’s board and serve as executive chair when Yalof succeeds him.
Yalof has more than 20 years of experience in retail, holding leadership positions at Ralph Lauren Corporation and Gap, Inc. prior to joining Simon.
“I look forward to working alongside Steve and with the entire Tanger team as we continue to navigate the ever-evolving retail landscape,” Yalof said. “I believe we have numerous opportunities to maximize the long-term growth potential of the company.”
"Steve's background is accomplished and unique, including experience as both a landlord and a tenant. He is a valued enhancement to our executive leadership team," said Tanger.
Tanger Outlets also announced that, in continuing to deal with the coronavirus pandemic, its executive leadership team and board of directors have elected to temporarily reduce their base salaries and cash retainers to avoid a workforce reduction and to maintain healthcare benefits for all employees.
Steven Tanger has agreed to a 50% reduction and the remaining leadership have taken 25% reductions.