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Tanger Factory names new chief financial officer

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Tanger Factory Outlet Centers Inc. said Monday that Michael Bilerman has been named as chief financial officer and chief investment officer.

Bilerman, 46, is expected to join the Greensboro company in the fourth quarter of 2022. He currently serves as a managing director of Citigroup’s global real estate investment research franchise.

Bilerman replaces Thomas Guerrieri Jr. as chief financial officer. Guerrieri remain as principal accounting officer.

In a separate regulatory filing, Tanger said Bilerman will be paid an initial annual base salary of $500,000. Beginning in fiscal 2023, he could be eligible for a cash bonus of at least 100% of the annual base salary.

The company said Bilerman “is entitled to receive a one-time sign-on cash bonus in the amount of $1 million, which will be paid within 30 days of his start date. The sign-on bonus is subject to repayment in the event he resigns without “good reason” or the company terminates his employment for cause in the two years following his start date.

Bilerman will receive options to purchase 250,000 shares of the company’s common shares on or shortly following his start date, with 60% of the shares underlying the option vesting on the third anniversary of the start date, 20% vesting on the fourth anniversary of the start date, and 20% vesting on the fifth anniversary of the start date, in each case, subject to his continued employment through the applicable vesting date.

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