McCarthy will continue to lead Retirement Services, which includes defined contribution, defined benefit, and pension payroll services. She will now also serve as company president and a CitiStreet board member, according to a press release.
“Sandy has had a leading role in all areas of our business. She continues to demonstrate strong leadership skills and has consistently delivered solid results. Her ability to develop and foster a team focused on our business and matched to our customers needs has been of significant value,” said Phil Lussier, CitiStreet chairman and CEO.
McCarthy replaces Jim Murphy, who announced he will be leaving at the end of the year to pursue other opportunities. Murphy had been in charge of the Health and HR Services unit in Jacksonville, Florida, which consists of health and welfare administration and HR services, including advocacy and COBRA direct bill. That unit will now report to Lussier.
CitiStreet, which serves more than 11 million participants and administers more than $230 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, earlier this year had organized its services into two major business units: Retirement Services; Health and HR Services.
Lussier said those organizational changes were designed after a strategic review of how CitiStreet could best compete in the marketplace going forward.
“We created these business units to be aligned with meaningful marketplace trends in retirement and health services. It also allows us to build upon the success we have had in developing solutions for our customers,” said Lussier.
CitiStreet is a 50/50 joint venture between State Street Corp. and Citigroup. For more CitiStreet information, visit www.citistreetonline.com