CitiStreet Chairman and CEO Returns to State Street

    Business Editors

    QUINCY, Mass.--(BUSINESS WIRE)--Feb. 15, 2005--

    Lussier Assumes Top Spot at CitiStreet; Murphy Named President

    CitiStreet Chairman and CEO James S. Phalen will be rejoining parent company State Street Corp. as executive vice president and head of its North America investment servicing group, it was announced today. Philip Lussier was named the new CitiStreet chairman of the Board of Directors and CEO, and James Murphy was named president of the company.
    Phalen, former head of State Street's benefits services division, returns to the company's senior management team after serving as chairman and CEO of CitiStreet since its founding in 2000 as a joint venture between State Street and Citigroup.
    Phalen will assume his new position on March 1, and will remain on the board of CitiStreet.
    "I feel very confident I am leaving CitiStreet in good hands with a strong management team across our organization," said Phalen. "Phil and Jim have shown outstanding leadership over the years and I am sure that CitiStreet will not miss a beat in this transition."
    Lussier, the president of Retirement Services, has been with CitiStreet since its inception.
    "We thank Jim for his leadership and look forward to his continued involvement with CitiStreet as a board member," said Lussier. "Our commitment is to sustain the growth and success we have enjoyed in our first five years. We will continue to develop solutions to help our customers meet their business objectives."
    Murphy, who was president of CitiStreet's Total Benefits Outsourcing Division in Jacksonville, Fla., will also take a seat on the board of directors.
    "Our outlook will continue to be that of a leading global benefits delivery company, and our focus will remain on customer satisfaction and service excellence," said Murphy.
    Among his various duties, Lussier had been in charge of the large corporate and government defined contribution business. Those responsibilities now move to Sandra McCarthy, president of Retirement Services.
    Before joining CitiStreet, Lussier was director of sales and marketing for the Retirement Investment Services division of State Street Global Advisors. He also has served as director of sales and marketing for defined contribution services at Putnam Investments.
    Prior to taking the position as CitiStreet TBO chief, Murphy was a senior vice president in the Retirement Investment Services division of State Street Global Advisors. Before that, he was a vice president for mutual fund operations at Boston Financial Data Services.

    About CitiStreet

    CitiStreet, one of the largest global benefits delivery firms in the United States, is headquartered in Quincy, Mass. It has 3,500 employees and offices in Somerset, N.J., Jacksonville, Fla., Lewiston, Maine and Boston, and field offices around the nation. It also has a division, CitiStreet Australia, with offices in Sydney and Brisbane. CitiStreet serves more than 9 million participants and administers approximately $200 billion in assets in the United States for defined contribution, defined benefit and health and welfare plans of corporate, government, health care, Taft-Hartley and not-for-profit organizations. It also serves about 1 million participants and administers about $4 billion in assets outside the United States. CitiStreet is a 50/50 joint venture between State Street Corp. (NYSE:STT) and Citigroup (NYSE:C). For more CitiStreet information, visit the Web site at www.citistreetonline.com.

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CONTACT: CitiStreet Sandy McCarthy, 617-376-9100 smccarthy@citistreetonline.com or Mike Bezdek, 781-792-2700 mbezdek@getpress.com

KEYWORD: MASSACHUSETTS INDUSTRY KEYWORD: HUMAN RESOURCES BANKING MANAGEMENT CHANGES SOURCE: CitiStreet

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