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 transformationFinancing multi-billion-dollar acquisitions and divestituresPresenting capital structure strategies to boards and audit committeesBuilding and maintaining credibility with rating agenciesCapital allocation priorities in pharma: R&D, business development, debt reduction and buybacksOperating in both investment-grade and non-investment-grade environmentsDeveloping and mentoring treasury teams for long-term successThe importance of broad treasury exposure across cash management, capital markets and securitizationNavigating compressed deal timelines and capital markets volatilityThe evolving impact of AI, crypto, and cybersecurity on treasuryYou can connect with Stephen Kaufhold on LinkedIn.---🎙️ Subscribe to the Treasury Career Corner podcast - Never miss an episode! Subscribe on your favourite platform:CLICK HERE for 🎧Spotify PodcastsCLICK HERE for 🍏Apple Podcasts📊 Managing short-term cash and investments - Without the right technology is a huge risk for modern treasurers. Tradeweb changes that!🎓 Save $150 on CTP & FPAC– Exclusive discounts for treasury professionals – thanks to our trusted partners.🧠 Leadership Under Pressure – Practical tools and coaching that work – from the team at Gazing Leadership🧩 What if your whole team had one clear view of your group structure - Fuseable makes it happen🔐 Managing signatory lists manually? Cygnetise gives treasury teams a smarter, safer way👉 FIND OUT MORE HERE https://treasuryrecruitment.com/partners/