# How Treasury Builds Credibility with Boards and Rating Agencies Page: https://stenobird.com/podcast/the-treasury-career-corner-939354/how-treasury-builds-credibility-with-boards-and-rating-agencies Text version: https://stenobird.com/podcast/the-treasury-career-corner-939354/how-treasury-builds-credibility-with-boards-and-rating-agencies.md Podcast: [The Treasury Career Corner](https://stenobird.com/podcast/the-treasury-career-corner-939354) Published: 2026-03-24T06:00:00+00:00 Episode link: https://treasuryrecruitment.com//ep-424-how-treasury-builds-credibility-with-boards-and-rating-agencies Audio file: https://episodes.captivate.fm/episode/641b9f93-b85d-4543-ad96-4ad4a5a56bd8.mp3 Processing state: not_requested JSON: https://stenobird.com/v1/public/podcasts/the-treasury-career-corner-939354/episodes/how-treasury-builds-credibility-with-boards-and-rating-agencies Duration seconds: 3109 ## Resource 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… ## Actions - request_transcript: `POST https://stenobird.com/v1/public/podcasts/the-treasury-career-corner-939354/episodes/how-treasury-builds-credibility-with-boards-and-rating-agencies/transcription-requests` — Idempotently request low-priority transcript generation for this episode. - read_markdown: `GET https://stenobird.com/podcast/the-treasury-career-corner-939354/how-treasury-builds-credibility-with-boards-and-rating-agencies.md` — Read the agent-friendly Markdown representation of this episode resource. A page view does not enqueue transcription. Agents should invoke `request_transcript` explicitly when they need this episode processed. ## Transcript Full transcripts are not published on public pages unless there is a clear rights basis.