Tanger Factory Outlet Centers Inc., announced Wednesday afternoon the promotion of Thomas E. McDonough as president and chief operating officer, effective immediately.

McDonough previously held the position of executive vice president and chief operating officer after joining the company in 2010.

“Tom has become a trusted colleague and advisor. He has been instrumental in the growth of our brand across the United States and Canada,” said Chief Executive Officer Steven B. Tanger in a statement. “Tom’s unwavering leadership and partnership with our entire executive team gives us great confidence in his ability to deliver strong results for our shareholders and retail partners.”

Prior to joining Tanger, McDonough held several positions in the real estate field, including partner with Trammell Crow Company, chief investment officer with Equity One and National Director of Acquisitions and Dispositions with Regency Centers.

McDonough is a graduate of Stanford University and holds an MBA degree from Harvard Business School.

“We have a fantastic team at Tanger and I am humbled and proud to assume this new leadership role within our organization,” said McDonough in a statement.”I am excited about the future of our company and the strength of our brand, and look forward to broadening our brand’s success alongside my talented colleagues.”

Tanger Factory Outlet Centers is a publicly-traded REIT headquartered in Greensboro, North Carolina, that presently operates and owns, or has an ownership interest in, a portfolio of 43 upscale outlet shopping centers in 22 states coast to coast and in Canada,

It has approximately 14.8 million square feet leased to over 3,100 stores operated by more than 500 different brand name companies.

Tanger Outlet stock closed at $21.93 on Wednesday afternoon, down 59 cents, or 2.62 percent.