How Treasury Builds Credibility with Boards and Rating Agencies

What does it take for a treasurer to earn - and protect - credibility with boards, rating agencies, and banking partners during billion-dollar transactions?

In this episode, we explore how treasury leaders like Stephen Kaufhold, Vice President & Treasurer at Incyte, build trust when the stakes are highest.

Stephen Kaufhold returns to the show, now serving as Vice President & Treasurer at Incyte. When he last appeared, he was SVP & Treasurer at Allergan, leading treasury through significant capital markets activity and transformation. Since then, he has continued to navigate change at scale, bringing experience across financial services, telecom, and pharmaceuticals.

In this follow-up conversation, Stephen reflects on his transition from Allergan to Incyte and shares how treasury builds and sustains credibility during defining corporate moments.

We discuss capital allocation in pharma, managing leverage through large-scale transactions, and staying strategically relevant in an evolving financial landscape. Stephen also outlines how treasury professionals can deliberately build the exposure, skills, and judgment required to lead at the highest levels - from rating agency presentations to boardroom financing decisions.

What We Cover in This Episode:

• Transitioning from Allergan to Incyte and navigating corporate transformation
• Financing multi-billion-dollar acquisitions and divestitures
• Presenting capital structure strategies to boards and audit committees
• Building and maintaining credibility with rating agencies
• Capital allocation priorities in pharma: R&D, business development, debt reduction and buybacks
• Operating in both investment-grade and non-investment-grade environments
• Developing and mentoring treasury teams for long-term success
• The importance of broad treasury exposure across cash management, capital markets and securitization
• Navigating compressed deal timelines and capital markets volatility
• The evolving impact of AI, crypto, and cybersecurity on treasury

You can connect with Stephen Kaufhold on LinkedIn.

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