Phalen has been at the post since 2000 when CitiStreet was founded as a joint venture between State Street and Citigroup, according to a press release. He will begin in his new position on March 1 but will remain on the CitiStreet board.
Taking the place of Phalen as CitiStreet chairman of the board and CEO will be Philip Lussier, the current president of retirement services at CitiStreet. James Murphy, president of CitiStreet’s Total Benefits Outsourcing (TBO) Division, will be the company’s new president, according to the news release.
Among his various duties, Lussier had been in charge of the large corporate and government defined contribution business, responsibilities that will now move to Sandra McCarthy, president of Retirement Services, the press release said. 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, according to the announcement.