The Southwestern University Board of Trustees has selected Ajay Thomas ’94 to serve as its next chair-elect. An experienced public sector investment banking professional, Thomas will formally assume his new role as the leader of the Board of Trustees on July 1, 2027.
“Ajay has been a dedicated alumnus and a generous supporter of Southwestern for many years,” President Laura Skandera Trombley said. “He cares deeply about this institution and the students we serve, and he consistently brings both wisdom and perspective to the Board’s work. I am delighted that he has agreed to take on this leadership role and help guide Southwestern into its next chapter.”
Thomas will succeed Christopher E. Cragg ’83, who will complete his tenure as board chair on June 30, 2027.
“Chris has provided exceptional leadership during a period of significant transformation for Southwestern. His dedication to the institution and unwavering belief in the power of a Southwestern education have helped position the University for long-term success,” Trombley said. “On behalf of the entire Southwestern community, I am deeply grateful for his service.”
Thomas joined the University’s Board of Visitors in April 2016, and in July 2024, he was elected to the Board of Trustees. He is currently the Chair for the Board’s Fiscal Affairs Committee and serves on the Facilities Planning Committee and SU 560 Committee.
“I am deeply honored to have been selected as the next Chair of the Board of Trustees. It is a role and a position of trust that I do not take on lightly,” Thomas said. “I believe service is a privilege, and to be able to serve as a Trustee and now as the next Chair of the Board at my own alma mater is one of the highlights of my life. As the Board’s Chair, I look forward to continuing to work closely with my fellow Trustees, President Trombley, and her leadership team to ensure that the University’s strategic priorities are met while balancing the realities Southwestern faces in a rapidly evolving higher education environment. To continue to thrive, Southwestern must be innovative, intentional, and forward thinking about how the University provides our elite undergraduate education experience for its students that is second to none, leading to the very best employment opportunities and post-graduate academic programs anywhere in the world.”
Since 2017, Thomas has served as the Senior Managing Director and National Head of Public Finance for FHN Financial, a division of First Horizon Bank, one of the largest regional banks in the Southern United States and a top-35 bank in the U.S. In his role, Thomas leads the firm’s national growth strategy for public finance investment banking and oversees municipal and non-profit investment banking teams nationwide.
He has emerged as a national leader in the municipal securities banking industry, having previously served in similar roles at William Blair, Robert W. Baird, Raymond James, and Morgan Stanley. He also served on the Texas Business Leadership Council from 2014–2017, helping provide thought leadership on strategic public policy issues impacting the business community across Texas.
In 2020, Thomas was appointed by Texas Governor Greg Abbott to serve on the Board of Directors for the Texas Department of Housing and Community Affairs (TDHCA), one of the state’s largest agencies. He was reappointed by Governor Abbott to a second five-year term on the Board in January 2026. He currently serves as the Chair of the TDHCA’s Audit and Finance Committee.
Thomas graduated from Southwestern in 1994 with degrees in economics and political science. He earned his Master’s in Public Policy, Business, and Government from the Harvard Kennedy School in 2000 and his Juris Doctor from the University of Texas School of Law in 2001.
Philanthropy has been a key part of Thomas’ expansive educational journey. He endowed a scholarship at Southwestern and supported the renovation of the historic Mood-Bridwell Hall. In addition to his service on Southwestern’s Board of Trustees, Thomas serves as an Advisory Board Member for the Harvard Kennedy School Taubman Center for State & Local Government.
Thomas and his wife, Sherry, live in Austin and have five children. They are both members of SU’s Parent Leadership Council, and their daughter, Kara, will be graduating with the Southwestern Class of 2027.
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