Team Lead – IACT Award 2025 Finalist
In April 2024 Solventum spun off from 3M as a standalone Healthcare Company with the mission of enabling better, smarter, safer healthcare to improve lives. With this spin-off, Solventum’s Treasury team faced the remarkable challenge of building a fully independent global treasury infrastructure within just eight months. The task involved supporting 75 entities across 33 countries and 20 currencies while ensuring uninterrupted operations. The team executed a comprehensive setup and transformation: opening 268 bank accounts worldwide, implementing dual multicurrency notional pools with J.P. Morgan and Citibank, and establishing a Dublin-based financing holding entity to centralize approximately 80% of global liquidity. They also deployed Kyriba Treasury Management System in record time, automating processes and providing real-time visibility across nearly 390 accounts.
The impact was significant. The new structure delivered $18M in annual interest earnings, $1.6M in interest cost savings, and $1.5M in FX savings through optimized spreads and natural hedging. Liquidity centralization improved investment returns and minimized FX risk, while early exit from the Transition Services Agreement reduced costs and accelerated independence. Beyond infrastructure, Treasury became a strategic enabler—supporting major initiatives such as the divestiture of the Purification & Filtration business, which enabled a 30% reduction in company debt. The team’s innovative approach, operational excellence, and financial impact positioned Solventum for sustainable growth and future ERP integration. This achievement exemplifies resilience and creativity under pressure, transforming Treasury from a back-office function into a strategic partner driving financial stability and enabling investment in healthcare innovation.