CitiStreet President Robert C. Dughi Retires; Longtime Associate Mark Skinner to Run Operations in New Jersey.

QUINCY, Mass. -- Robert C. Dughi, president and board member of CitiStreet, has announced his retirement after nearly three decades in the benefits business. His longtime associate, Mark Skinner, will now run the operations that Dughi oversaw in New Jersey, it was announced today.

Dughi, the founder of The Copeland Companies that became part of Citigroup and then CitiStreet, the joint venture between Citigroup and State Street formed in 2000, leaves behind a strong legacy as an industry leader in the retirement planning field.

"It's hard to leave anything you gave so much of your life to, but the timing is right; I am leaving on a high note," said Dughi. "After almost five years since its beginning, CitiStreet has a very solid foundation and great people to build on that foundation. Everything points to a bright and solid future for the company."

Skinner will be president and CEO of CitiStreet Associates in East Brunswick, N.J., and will report to James S. Phalen, CitiStreet CEO and board chairman at company headquarters in Quincy. The East Brunswick operation has focused on health care and education benefit plans as well as small business plans, while Quincy has its roots in large institutional benefit plans.

Skinner has been a retirement plan professional for 30 years. He is a registered representative and principal with the National Association of Securities Dealers. He began his career as a pension consultant for UNUM Corp., where he was responsible for the development, administration and servicing of qualified retirement plans and voluntary supplemental retirement programs. He then joined The Copeland Companies, where he worked closely with Dughi for more than two decades.

He holds a B.S. in business administration from the University of Maine and successfully completed the Stanford University Graduate School of Business program for executives.

"Although Bob will be sorely missed at CitiStreet, he leaves behind an excellent management team, headed by Mark Skinner, to carry on the CitiStreet mission," said Phalen. "We will remember Bob for his leadership, vision, charisma and entrepreneurial spirit. He has proven to be an inspiration to all who have had the opportunity to work with him."

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 East Brunswick, 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.