Thomas R. Powers

Thomas R. “Tom” Powers, BBA ’60, of Houston, former Baylor Regent and Board chair and dedicated philanthropist, passed away Jan. 24. Powers was known for his prominent investment career as well as for his leadership and service on several nonprofit boards, including Baylor’s Board of Regents and the Fidelity Charitable Gift Fund board.

A man of deep, abiding faith, Powers served his community and committed himself to a life of excellence, whether that was in his successful professional career, his commitment to his family and his role as a father, or supporting those in need and his Baylor community through his extensive leadership and service. 

Born in East Texas, Powers grew up in Corpus Christi, TX. He attended Baylor on an academic scholarship where he met Pat, BBA ’62, his future bride.

Their commitment to giving back was a staple of their marriage. As newlyweds, Pat and Tom made a commitment that as soon as they had the resources, Baylor would be on their priority list — particularly to do something that would help future students. 

After graduation, Powers was a member of the U.S. Air Force Reserves and worked for Price Waterhouse. In 1976, Powers and a business associate organized the acquisition of an investment advisory firm that was part of Bentsen Group holdings. For the next 14 years, they developed Funds Inc. into a national investment advisory firm, Criterion Group, managing mutual funds for investment managers globally. They took the company public in 1986, and in 1991 they agreed to be acquired by Transamerica, where Powers stayed on as CEO until his retirement in 1993.

The late 1980s and 1990s also saw Tom and Pat fulfill their earlier commitment to philanthropy in transformational ways. In addition to forming the Tom & Pat Powers Foundation, which supports education and healthcare, they established The Pat and Tom Powers Chair in Investment Management, the Tom and Pat Powers Family Scholarship in Business, the Tom and Pat Powers Family Scholarship in Social Work and the Houston Gala Scholarship for Exceptional Music Students. They also contributed to building projects such as the McLane Student Life Center, McLane Stadium and the Paul L. Foster Campus for Business and Innovation.

Powers was a Baylor Regent from 1988-97 and Regent chair from 1996-97. He also served on the advisory board of the Hankamer School of Business. 

Powers and his wife received numerous awards and honors for their extensive community service and philanthropic leadership, including the 2014 Baylor Legacy Award and the Herbert H. Reynolds Award for Exemplary Service.