Bridget Ryan-Berman
About Bridget M. Ryan-Berman
Bridget M. Ryan-Berman, age 64, is Tanger’s Lead Independent Director (effective July 1, 2023) with 16 years of board tenure. She is a seasoned retail and consumer executive with prior leadership roles at Victoria’s Secret Direct (CEO), Giorgio Armani Corp. (CEO), Apple Retail (VP/COO), and Polo Ralph Lauren (Group President), and currently runs Ryan-Berman Advisory, LLC; she also serves as Chair of Newell Brands and as a director of Asbury Automotive Group . The Board has affirmatively determined she is independent under NYSE rules, notwithstanding Newell Brands being a Tanger tenant .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Victoria’s Secret Direct, LLC | Chief Executive Officer | 2011–2015 | Led online/catalog operations and consumer strategy |
| Giorgio Armani Corp. | Chief Executive Officer | 2006–2007 | Oversaw U.S. subsidiary operations |
| Apple Computer Retail | Vice President/Chief Operating Officer | 2004–2005 | Led retail operations and customer experience |
| Polo Ralph Lauren Corporation | Group President, Global Retail (various exec roles) | 1992–2004 | Ran global retail; deep apparel and retail operations expertise |
| Enjoy Technology, Inc. | Chief Experience Officer | 2016–2017 | Customer-centric transformation initiatives |
| Independent consulting | Advisor to multi-channel brands | 2015–2016 | Business innovation and transformation programs |
| Ryan-Berman Advisory, LLC | Managing Partner | 2018–present | Strategic advisory for consumer companies |
| Early career: May, Federated, Allied Stores | Various roles | 1982–1992 | Retail foundation and management experience |
External Roles
| Organization | Role | Public/Private | Tenure/Notes |
|---|---|---|---|
| Newell Brands Inc. (NWL) | Chair of the Board | Public | Current; NWL is a Tanger tenant (Board reviewed independence) |
| Asbury Automotive Group (ABG) | Director | Public | Current |
| Miraclefeet (non-profit) | Co-founder | Non-profit | Clubfoot treatment support |
| Virginia Tech – Pamplin College of Business | Former Chair of Dean’s Cabinet; Alumni Association Board | Academic/Non-profit | Advisory and alumni governance roles |
| Benedictine Schools of Richmond | Board of Trustees | Non-profit | Trustee |
Board Governance
- Independence: Board determined Ryan-Berman is independent under NYSE standards; considered NWL tenant relationship and concluded no impairment .
- Leadership: Lead Independent Director (since July 1, 2023) with authority to lead executive sessions, approve Board agendas, oversee evaluations, and spearhead shareholder outreach; attends meetings of each Board committee .
- Committees (2024): Member, Compensation and Human Capital Committee; Member, Nominating and Corporate Governance Committee; not listed as Audit member .
- Attendance: Board met 6 times; every incumbent director attended 100% of Board and committee meetings where they served in 2024; independent directors meet in executive session after each quarterly meeting, presided by the Lead Independent Director .
- Anti-hedging/Anti-pledging: Company prohibits hedging and pledging; directors have no shares pledged .
Fixed Compensation
| Component | 2024 Amount | Notes |
|---|---|---|
| Annual Cash Retainer | $70,000 | Increased from $60,000 in 2023 |
| Lead Independent Director Cash Retainer | $70,000 | Increased from $50,000 in 2023 |
| Total Cash Fees | $140,000 | Ryan-Berman 2024 “Fees Earned or Paid in Cash” |
| Annual Equity Retainer (Restricted Common Shares) | $175,007 | Grant of 6,535 shares at $26.78; Board-approved director award |
| Dividends on Unvested Restricted Shares | $11,429 | “All Other Compensation” (dividends or deferred share credits) |
| Total 2024 Director Compensation | $326,436 | Sum of cash + equity + other |
Vesting for 2024 director equity: Restricted shares vested on February 15, 2025 (first anniversary of grant) .
Performance Compensation
| Element | Structure | Metrics | Vesting |
|---|---|---|---|
| Director Equity (standard) | Time-based restricted common shares | None (no performance conditions) | One-year vest (2024 grant vested Feb 15, 2025) |
| 2025 Program (election option) | Time-based restricted shares or equivalent number of time-based LTIP units | None (time-based) | Identical vest terms; LTIP units structured as profits interests |
Note: Director compensation is not performance-based; performance metrics (Core FFO, Same Center NOI, Operating Margin, TSR) apply to NEO incentive plans and PSP, not to directors .
Other Directorships & Interlocks
| External Company | Relationship to Tanger | Interlock Risk Consideration | Board Determination |
|---|---|---|---|
| Newell Brands Inc. (NWL) | NWL is a Tanger tenant | Potential conflict via tenant relationship | Board reviewed rental amounts and role; determined independence not impaired |
| Asbury Automotive Group (ABG) | No disclosed tenant relationship | No disclosed conflict | Independent role |
Expertise & Qualifications
- Three decades in apparel/retail operations, consumer strategy, digital transformation, and customer experience; former CEO roles at Victoria’s Secret Direct and Giorgio Armani; Apple Retail operations leadership; Polo Ralph Lauren global retail leadership .
- Strategic advisor to multi-channel consumer companies; Lead Independent Director responsibilities illustrate governance depth and ability to challenge and oversee management .
Equity Ownership
| Holder | Beneficial Ownership (Common Shares) | % of Outstanding | Unvested Restricted Shares (as of 12/31/24) | Pledged/Hedged | Ownership Guideline Compliance |
|---|---|---|---|---|---|
| Bridget M. Ryan-Berman | 101,984 | <1% | 6,535 (2024 grant) + 3,309 (remaining one-third of 2022 award) | None permitted (anti-pledging/hedging) | All non-employee directors with ≥5 years met 5x base retainer guideline |
| Citations | 5x of $70,000 within 5 years; compliance confirmed for ≥5-year directors |
Governance Assessment
- Board effectiveness: As Lead Independent Director, Ryan-Berman centralizes independent oversight—leading executive sessions, driving agendas, overseeing board/committee evaluations, and engaging with shareholders—supportive of robust checks and balanced governance .
- Independence and conflicts: While NWL is a tenant, the Board specifically evaluated rent exposure and her role at NWL and concluded independence is not impaired—mitigates perceived conflicts; no related-party transactions involving her were disclosed, and the Audit Committee oversees any >$120k related-party transactions under policy .
- Alignment: Strong director ownership guidelines (5x base retainer) with confirmed compliance for long-tenured directors; anti-hedging and anti-pledging policies enhance alignment; her 2024 director equity was time-based, reinforcing long-term orientation .
- Engagement and attendance: 100% attendance at Board and committee meetings in 2024, with structured quarterly executive sessions; active shareholder outreach under her leadership, and high say-on-pay support (96.8% of votes cast) indicates positive investor sentiment toward governance and pay practices .
Overall signal: Low governance risk. The combination of independent leadership, full attendance, strong ownership/anti-hedging standards, and transparent treatment of interlocks supports investor confidence; continued monitoring of tenant-board interlocks (e.g., NWL) and related-party policies remains prudent .