Fermi, the innovative AI nuclear power firm, announced the sudden departures of co-founder and CEO Toby Neugebauer and CFO Miles Everson, leading to a significant 22% drop in its shares on Monday.
The company confirmed that Neugebauer has relinquished his role as chairman, though he will maintain his position on the board of directors. Marius Haas, the Lead Independent Board Director, has assumed the chairmanship, effective Monday. Concurrently, Miles Everson has been appointed to the board of directors, a move resulting from the exercise of director designation rights held by the Melissa A. Neugebauer 2020 Trust.
Fermi, notably co-founded by former U.S. Energy Secretary Rick Perry, is actively developing Project Matador, an ambitious AI campus in Amarillo, Texas. This facility is envisioned to power data centers using nuclear reactors. However, Project Matador has reportedly encountered various setbacks in recent months, including disputes with a critical customer, as detailed by Bloomberg.
In a strategic move to reassure investors about ongoing progress, the company has framed these leadership changes and other forthcoming initiatives, such as establishing a new corporate headquarters in Dallas, under the banner of "Fermi 2.0."
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