CEO and CFO suddenly depart AI nuclear power upstart Fermi
Fermi co-founder and CEO Toby Neugebauer and CFO Miles Everson have suddenly departed the AI nuclear power firm, sending shares down 22% on Monday.
The enterprise commented Neugebauer has stepped down as chairman, although he still remains on the board. Lead Independent Board Director Marius Haas has stepped into the role of chairman, the organization mentioned Monday. Everson has been elected as a board director Because of the exercise of director designation rights held by the Melissa A. Neugebauer 2020 Trust.
Fermi, which was co-founded by former U.S. Energy Secretary Rick Perry, is developing an AI campus in Amarillo, Texas, which will eventually leverage nuclear reactors to power data centers. That campus, known as Project Matador, has struggled in recent months, including friction with a key customer, Bloomberg reported.
The firm couched the departures, along with other plans including a corporate headquarters in Dallas, as Fermi 2.0 in an effort to signal to investors that it was still making progress on its project.
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