SSgA CEO Dies of a Heart Attack
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Wednesday, August 25, 2004

SSgA CEO Dies of a Heart Attack

State Street Corporation announced the sudden death of Timothy B. Harbert, chairman and chief executive officer of State Street Global Advisors. He passed away of a heart attack Tuesday night at the age of 53.

"Tim's passion and energy were a driving force in the success of State Street Global Advisors. We have lost a friend and colleague," said Ronald E. Logue, chairman and CEO of State Street Corporation. "Our thoughts and prayers are with Tim's family."

Alan Brown, group chief investment officer and Peter Leahy, chief operating officer, have been appointed interim co-heads of SSgA. They will report directly to Ron Logue.

Harbert was president of SSgA and executive vice president of State Street when he succeeded Nicholas Lopardo as chairman and chief executive officer of SSgA in 2001.

He originally joined SSgA as head of systems and investment operations in 1987. In 1991, he was appointed president responsible for non-U.S. sites, and in 1992 was appointed chief operating officer.

Harbert was instrumental in the expansion of SSgA's operations overseas. He launched SSgA's highly successful London-based operations in 1990 and led the company's expansion into critical Pacific Rim markets.

Harbert joined SSgA from Price Waterhouse & Company (now PricewaterhouseCoopers), where he served in the Management Consulting Services division, advising major financial services companies on strategic and operational issues. He began his career at M.D. Oppenheim & Company P.A.

Harbert received a Bachelor of Science Degree (Cum Laude) in accounting from Bentley College. He was a Vietnam Era veteran, who served in the U.S. Navy from 1973 to 1976 aboard the USS Mississinewa in the Navigation Division.

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