Tanger Factory Outlet Centers has tapped a Citigroup veteran to be its next chief financial officer and top investment executive.
Michael Bilerman has been appointed CFO, chief investment officer and executive vice president at Tanger. He is expected to start his employment in the fourth quarter and is in line to receive a one-time signing bonus of $1 million, according to a Securities and Exchange Commission filing made last week by the Greensboro, North Carolina-based retail real estate investment trust.
A Tanger spokeswoman said Bilerman would be made available for an interview after he is on board.
For a publicly traded company such as Tanger, the CFO plays a critical role and is one of two executives who certify by signature their company's periodic financial reports such as quarterly earnings statements.
When Bilerman starts, Thomas Guerrieri's tenure as the REIT's principal financial officer will end, Tanger said. Plans call for Guerrieri to remain with the company as its principal accounting officer, according to the SEC filing.
In his new position, Bilerman is expected to focus on enhancing the company's strategic growth initiatives, managing Tanger's finance, capital markets and investor relations teams and heading its capital allocation and investment committees. Tanger said he would join its office of the president leadership committee.
Bilerman will lead the finance function and "serve as our financial steward in support of transformative growth opportunities and also play a leadership role in the continued development of the Tanger financial and investment teams," Tanger President and CEO Stephen Yalof said in a statement.
Yalof started as president and CEO early last year, when he took over from Steven Tanger, who transitioned to executive chair of the board. It marked the first time in the company's 41-year history that Tanger Factory Outlet Centers is being led by someone from outside of the family that founded the retail REIT.
Tanger said Bilerman's initial annual base salary would be $500,000. Beginning in 2023, he would be eligible to earn an annual cash performance bonus with a target amount equal to 100% of his salary, Tanger said in the SEC filing. His bonus could increase to 150% of his salary, or $750,000, based on performance. In 2023, he would receive an annual base salary of no less than $500,000, according to the filing.
He would receive the $1 million sign-on bonus within 30 days of his start date, Tanger said in the filing.
Bilerman has nearly 25 years of experience in the industry. He's worked at Citigroup in New York City since 2004 and now serves as a managing director leading the real estate and lodging team within Citi Research. Before joining Citi, Bilerman worked for six years at Goldman Sachs.
He said he looks forward to joining the retail REIT. "I have followed Tanger Outlets throughout my entire career and long admired the company," Bilerman said.
Tanger owns and/or manages 37 retail centers with a total of approximately 14 million square feet of space across 20 states and Canada.