Fermi CEO & CFO departure news rattled investors after co-founder and CEO Toby Neugebauer and CFO Miles Everson suddenly exited the company, sending shares down 22% on Monday.

The abrupt leadership changes come at a key moment for Fermi, which is developing large-scale infrastructure designed to combine AI data centers with nuclear-powered energy systems.

Leadership Changes at Fermi

The company said Neugebauer has stepped down as chairman, though he remains on the board. Lead Independent Board Director Marius Haas has taken over as chairman, according to the company’s Monday announcement.

Fermi also said Everson has been elected as a board director through the exercise of director designation rights held by the Melissa A. Neugebauer 2020 Trust.

Project Matador Remains Central to Growth Plans

Fermi was co-founded by former U.S. Energy Secretary Rick Perry and is building an AI campus in Amarillo.

The project, known as Project Matador, is expected to eventually use nuclear reactors to power data centers. However, Bloomberg reported that the campus has faced challenges in recent months, including friction with a key customer.

Fermi 2.0 Aims to Reassure Investors

Alongside the executive departures, the company outlined additional plans, including a corporate headquarters in Dallas.

Fermi framed the broader strategy as “Fermi 2.0,” signaling to investors that it continues to move forward despite leadership turnover and project hurdles.

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