Tanger Outlets Announces Sandeep Mathrani Elected to its Board of Directors

Rhea-AI Summary

Tanger Factory Outlet Centers, Inc. (NYSE: SKT) has appointed Sandeep Mathrani to its Board of Directors, effective immediately. Mathrani, the current CEO of WeWork, has over 30 years of experience, including leadership roles at Brookfield Properties and GGP Inc. He is recognized for executing a strategic turnaround at WeWork and was instrumental in GGP’s successful growth and acquisition. Tanger's President Stephen Yalof anticipates Mathrani will enhance the Board's talent, aligning with the company's growth and development goals in the retail real estate sector.

Positive

• Sandeep Mathrani's extensive experience in real estate and previous successful turnarounds may bring fresh perspectives to Tanger.
• His tenure at WeWork highlights his capability to lead during transformative periods, potentially benefiting Tanger's strategic direction.

Negative

• None.

GREENSBORO, N.C., June 4, 2021 /PRNewswire/ -- Tanger Factory Outlet Centers, Inc (NYSE: SKT) announced today that Sandeep Mathrani has been elected to its Board of Directors, effective immediately. Mr. Mathrani is currently the Chief Executive Officer of WeWork Inc. and brings with him more than three decades of professional experience and insight.

"I am thrilled to welcome Sandeep to the Tanger Board and look forward to working closely with him as we envision the future of Tanger Outlets," said Stephen Yalof, President and Chief Executive Officer. "Mr. Mathrani will further strengthen the talent represented on our Board."

Since joining WeWork in February of 2020, Mr. Mathrani has executed a strategic turnaround of the company, leading to global recognition of WeWork as the top flexible real estate solution for tenants and landlords. Prior to WeWork, Mr. Mathrani served as the Chief Executive Officer of Brookfield Properties' retail group and Vice Chairman of Brookfield Properties from 2018 to 2019. Mr. Mathrani also served as CEO of GGP Inc. for eight years, during which he recapitalized the company from bankruptcy in 2010 and led eight successful years of growth prior to the successful $9.25 billion acquisition of GGP by Brookfield Property Partners in 2018. Prior to GGP, he served as the President of Retail at Vornado Realty Trust from 2002 to 2010 and was responsible for all retail real estate activities in the United States and India. Prior to Vornado, he served as an Executive Vice President at Forest City Ratner Companies, LLC from 1994 to 2002 and was responsible for its retail development and related leasing in the New York City metropolitan area.

"Sandeep's impressive record of success is a clear indication of the dynamic value he will bring to Tanger Outlets. We are delighted to welcome him to our Board," said Steven Tanger, Executive Chair.

Mr. Mathrani also currently serves on the Board of Directors for DICK'S Sporting Goods. He is a former Chair and current Executive Board member of the National Association of Real Estate Investment Trusts, as well as a former Trustee of the International Council of Shopping Centers.

"Tanger Outlets has a long-standing reputation as a leader in the public real estate market," said Mr. Mathrani. "I am excited to be joining the company at a time when growth and development are at the forefront of its mission."

For more information about Tanger Outlets, please visit www.tangeroutlets.com. 

About Tanger Factory Outlet Centers, Inc.
Tanger Factory Outlet Centers, Inc. is a leading operator of upscale open-air outlet centers that owns, or has an ownership interest in, a portfolio of 36 centers. Tanger's operating properties are located in 20 states and in Canada, totaling approximately 13.6 million square feet, leased to over 2,500 stores operated by more than 500 different brand name companies. The Company has more than 40 years of experience in the outlet industry and is a publicly traded REIT. For more information on Tanger Outlet Centers, call 1-800-4TANGER or visit the Company's website at www.tangeroutlets.com.

Media Contact:

Alexandra Hasenauer
KWT Global
Tanger@kwtglobal.com 

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SOURCE Tanger Factory Outlet Centers, Inc.

FAQ

Who is Sandeep Mathrani?

Sandeep Mathrani is the newly elected member of the Board of Directors for Tanger Factory Outlet Centers, Inc., and is currently the CEO of WeWork.

What experience does Sandeep Mathrani bring to Tanger Factory Outlet Centers?

Mathrani has over three decades of experience in the real estate sector, including leadership roles at companies like WeWork, Brookfield Properties, and GGP Inc.

Why was Sandeep Mathrani elected to the Board of Tanger?

Mathrani was elected to strengthen the talent on Tanger's Board and to contribute to the company's growth and development strategies.

What impact might Mathrani's appointment have on Tanger's future?

His experience in strategic turnarounds and growth in the retail sector may provide valuable insights that could positively influence Tanger's strategic planning.