AI nuclear power company Fermi saw its shares drop sharply Monday after co-founder and chief executive Toby Neugebauer and chief financial officer Miles Everson abruptly departed their executive roles. Neugebauer stepped down as chairman but retained a board seat, with lead independent director Marius Haas assuming the chairmanship. Everson transitioned to a board director position.
Fermi, co-founded by former U.S. Energy Secretary Rick Perry, is developing an AI data center campus in Amarillo, Texas — known as Project Matador — intended to be powered by nuclear reactors. The project has faced recent difficulties, including reported friction with a key customer.
The company framed the leadership shake-up alongside plans for a new Dallas headquarters as “Fermi 2.0,” signalling continued commitment to its AI infrastructure ambitions.