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Keeping an Eye on the Eurozone

At GlaxoSmithKline, group treasurer Sarah-Jane Chilver-Stainer issued a record-breaking dollar bond issue and reorganized the treasury team.

By Rebecca Brace | Updated on May 23, 2012
It’s fair to say that Sarah-Jane Chilver-Stainer is a high achiever. When she spoke to Treasury & Risk earlier this month, she had just completed a record-breaking dollar bond issue for GlaxoSmithKline, the London-based pharmaceutical and healthcare company. The $5 billion issue, which attracted $15 billion in demand, included three-, five- and 10-year notes with coupons of 0.75%, 1.5% and 2.85%, respectively—the lowest coupons ever achieved on U.S. dollar bonds sold by a UK company.

For Chilver-Stainer, the transaction was just the latest in a series of accomplishments at GlaxoSmithKline (GSK), which had $44.2 billion in 2011 revenue and employs more than 97,000 around the world. GSK’s group treasurer and senior vice president recently set up a new pension risk management team and took on responsibility for the company’s insurance activities. She completed a major reorganization of the treasury team at the beginning of the year and recently established an in-house bank.

Aside from these projects, Chilver-Stainer points out the importance of keeping the nuts and bolts of treasury on track, such as managing the company’s $23 billion debt portfolio and its $9.5 billion investment portfolio. She joined SmithKline Beecham, one of GSK’s predecessor companies, in 1995 and held a number of treasury roles before she was appointed to her current position in 2008. Today Chilver-Stainer manages a centralized treasury team covering GSK’s activities in more than 100 countries. Her areas of responsibility include corporate finance, the global treasury consultancy, cash management and the new pension team, as well as her insurance responsibilities.

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