The Southwestern University Board of Trustees has selected Ajay Thomas, an experienced Indian American public sector investment banking professional, to serve as its next chair-elect.
Thomas will formally assume his new role as the leader of the Board of Trustees on July 1, 2027, succeeding Christopher E. Cragg, Georgetown, Texas based university announced.
“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.”
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.
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“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,” Thomas said.
“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,” he said.
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.
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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 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.
In addition to Southwestern’s Board of Trustees, Thomas serves as an Advisory Board Member for the Harvard Kennedy School Taubman Center for State & Local Government.