Former U.S. Ambassador Frank E. Baxter, a UC Berkeley economics graduate who left a lasting impact through generous support to students in need and to the cause of political diversity on campus, died July 15, 2025. He was 88.
In the span of his high-impact career, Baxter served as a successful investment banker and as the U.S. ambassador to Uruguay under President George W. Bush.
At Berkeley, his legacy can be found across campus, from renovations to California Memorial Stadium to the Berkeley Liberty Initiative and to the dozens of students who were able to attend university thanks to one of his scholarships. Baxter was committed to improving the quality of education, expanding opportunities for young people from disadvantaged backgrounds, and fostering an open and respectful exchange of ideas.
“Frank Baxter was a man of impeccable principle who cared deeply about our university and the learning environment we provide,” said Chancellor Rich Lyons, who first met Baxter while serving as Haas School of Business dean. “Berkeley benefitted greatly from having Frank in our corner. I’m especially grateful for his pioneering support of viewpoint diversity by launching a Baxter Liberty Initiative — now the full-blown Berkeley Liberty Initiative — and the leadership he demonstrated through the Baxter Family Distinguished Fellowship. He is sorely missed.”
Baxter was born and raised in Northern California. He graduated from UC Berkeley in 1961 with an economics degree, then went to work for Bank of California and J.S. Strauss and Company before joining the investment bank of Jefferies & Company. In 1987, Baxter became CEO of Jefferies and founded Investment Technology Group. He served on the board of the Nasdaq stock exchange and was a member of California Governor Arnold Schwarzenegger’s Commission for Jobs and Economic Growth.
In October 2006, Bush nominated Baxter to be the U.S. ambassador to Uruguay. Baxter served in the diplomatic post until Bush’s term ended in January 2009. During his tenure, Baxter helped to implement bilateral trade and investment agreements.
U.S. Ambassador Frank E. Baxter, left, with Uruguayan Minister of Industry (2005–08) Jorge Lepra, Information Specialist Rubek Orlando, and APHIS Agricultural Scientist Ricardo Romero. Photo by Vince Alongi (flickr.com/vincealongi).
“Frank walked the walk, leading a life defined by humility, service, approachability, and tolerance,” said Mary Ellen Kanoff, who with her husband, Chris, was a close friend of Baxter. “Even while serving as CEO of Jefferies, Frank would sign each communication with ‘Thanks for the opportunity to serve.’ Frank provided his expert leadership across the board, from large philanthropic institutions to individual students struggling to attend college to homeless individuals seeking a job. His compassion and generosity knew no bounds and his listening ear, compassionate heart, and welcoming smile will be forever remembered.”
From the earliest years of his career, Baxter was building and expanding his relationship with UC Berkeley. His made his first donation to his alma mater — $20 — in 1970. He and his wife, Kathy, would eventually join the Builders of Berkeley, an honor reserved for the campus’s greatest benefactors. Their names are now etched on the granite monument outside Doe Library.
The Baxters were also generous with their time. The couple helped reengage many graduates with UC Berkeley, volunteering on the Southern California Chancellor’s Council and hosting regional events.
“The world lost an incisive and formidable mind this week.” — Raka Ray
Baxter was a strong believer in the power of education to improve people’s lives. When Berkeley’s School of Education began exploring charter schools, Baxter emerged as an enthusiastic backer. He supported the Fiat Lux Scholarship’s endowment for Los Angeles students as well as the Incentive Awards Pre-collegiate Academy, which provided college preparation, leadership training and scholarships to Los Angeles public school students who had overcome significant challenges. He served as chair of the UC Berkeley Foundation Board of Trustees from 2013 to 2015.
He was also deeply committed to Berkeley’s free speech ideals. In 2012, Baxter and Carla Hesse, then the dean of Social Sciences, founded the Baxter Liberty Initiative and the Ambassador Frank E. Baxter Lecture, a series of talks by high-profile intellectuals on the theme of freedom in political and economic life. (The most recent lecture asked, “Can the Constitution Unify Americans?”.) Baxter felt that respectful dialogue across party and ideological divides was essential to a healthy democracy.
Baxter served as the driving force for the Baxter Liberty Initiative for over a decade. As the program matured, Baxter recognized its need to grow. He agreed to form an advisory board, recruiting colleagues and friends to the cause. Later, he encouraged the university to rename the effort the Berkeley Liberty Initiative, emphasizing that the endeavor was not about him.
“Ambassador Baxter was one of those few who took it upon himself to bring change to an institution he loved,” said Peter Desforges, the current chair of the Berkeley Liberty Initiative Founders Board. “He inspired fellow alumni to expand on his annual lectures to make the goal of diversity of thought and respectful discourse an integral part of the Berkeley culture.”
As it expands to meet a politically rancorous moment, the Berkeley Liberty Initiative’s mission has grown. In 2024, Baxter helped to bring former Secretary of State Condoleezza Rice to campus for a talk with then-Chancellor Carol Christ on free speech and higher education. Months later, the program hired its first-ever executive director.
This year, the initiative provided faculty with grants to incorporate themes of open exchange and constructive dialogue into their classes. In May, the Berkeley Liberty Initiative sponsored a conference on free inquiry, bringing together faculty from across the UC system to discuss threats to academic freedom.
Baxter was also active in educational and arts organizations, especially around Los Angeles. His civic activities earned him many awards and recognitions, including the Los Angeles Area Chamber of Commerce’s Civic Medal of Honor; the California Charter Schools Association’s Hart Vision Award; the Reason Foundation’s Savas Award for Public-Private Partnerships; the Getty House Foundation’s City of Angels Award; and the UC Berkeley Trustees’ Citation.
“The world lost an incisive and formidable mind this week,” said Raka Ray, Berkeley Social Sciences dean. “He had a rare and genuine commitment to freedom of expression built upon a foundation of mutual respect, and was deeply invested in improving the tone of political discourse in this country. I will miss his dedication, his humor, and his wisdom.”
