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Stock Market Impact
Percentage change in Fermi stock price following executive departure announcement.
Primary Sources
CEO and CFO suddenly depart AI nuclear power upstart Fermi
In Brief Posted: 8:30 AM PDT · April 20, 2026 Image Credits:Victor J. Blue/Bloomberg / Getty Images 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 company said 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 company said Monday. Everson has been elected as a board director as a result 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, that will eventually use 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 company 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. Topics Subscribe for the industry’s biggest tech news Latest in Climate
Fermi's AI Nuclear Power Upstart: CEO, CFO Suddenly Out
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.
AI Nuclear Power Developer Fermi Slumps After Abrupt Exit of CEO
Fermi Inc., a developer of nuclear power for AI data centers, slumped after the sudden departure of co-founder and Chief Executive Officer Toby Neugebauer along with the company's chief ...
Fermi CEO Toby Neugebauer Departs; Interim Leadership Established
Fermi announced that Chief Executive Officer Toby Neugebauer departed his role on April 17, 2026. To manage the transition, the Board of Directors established an Interim Office of the CEO. This leadership body includes Chief Operating Officer Jacobo Ortiz and Anna Bofa, who currently serves as a board observer.
