How Haleon Built a World-Class Treasury Function from Scratch During a Major Spin-Off

What happens when you're tasked with building an entire treasury function from scratch - under the pressure of a corporate spin-off and the uncertainty of a global crisis?

In this episode, Tom Gilliam takes us inside the high-stakes challenge of launching Haleon’s treasury team and the strategic thinking that made it a success.

Tom Gilliam is Vice President of Corporate Finance, Treasury at Haleon, a global consumer health company with trusted brands used by consumers worldwide. Tom has built his career across audit, investment banking, and corporate treasury roles at large multinational organisations, giving him a unique perspective on risk management, capital markets, and leadership in complex environments.

In this conversation, Tom shares the behind-the-scenes reality of separating a major consumer health business from its parent company and creating a standalone treasury function from the ground up. He reflects on how his career experiences prepared him for the role, why strategic clarity mattered more than speed, and how recruitment, culture, and collaboration were critical to navigating change.

The episode offers a candid look at what it really takes to build a modern treasury team that can support long-term business objectives.

What We Cover in This Episode:

1. How Tom’s early career in audit and banking shaped his approach to treasury.
2. Why returning from banking to corporate treasury was a pivotal career move.
3. The challenges of managing FX risk in emerging markets.
4. How treasury can create real business value through risk management and capital structure decisions.
5. What it takes to build a treasury function for a newly independent business.
6. How to recruit and structure a treasury team during periods of significant change.
7. Why adaptability and comfort with uncertainty are critical traits in treasury professionals.
8. The importance of internal relationships and trust across finance and the wider business.
9. How treasury’s role has evolved into a more strategic business partner.
10. Practical lessons for treasury professionals at all stages of their careers.

You can connect with Tom Gilliam on LinkedIn.

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