Toby Neugebauer, co-founder and CEO of Fermi, along with CFO Miles Everson, have unexpectedly left the AI nuclear power firm, causing a 22% drop in the company’s shares on Monday.
The company announced that Neugebauer has stepped down as chairman but will continue to serve on the board. Marius Haas, the Lead Independent Board Director, has assumed the role of chairman, as the company reported Monday. Everson has been appointed as a board director due to the exercise of director designation rights held by the Melissa A. Neugebauer 2020 Trust.
Fermi, co-founded by former U.S. Energy Secretary Rick Perry, is in the process of developing an AI campus in Amarillo, Texas, which is planned to utilize nuclear reactors to power its data centers. This campus, known as Project Matador, has encountered challenges in recent months, including difficulties with a major client, Bloomberg revealed.
The company presented these departures, along with other initiatives such as establishing a corporate headquarters in Dallas, as part of Fermi 2.0, aiming to reassure investors about ongoing progress on its project.