Fermi CEO and CFO depart as nuclear-powered AI data center project faces setbacks
The leadership shake-up at the Rick Perry-backed startup comes as Project Matador, its flagship Texas facility, encounters operational friction and customer challenges.
2 sources · cross-referenced
- Fermi co-founder and CEO Toby Neugebauer and CFO Miles Everson abruptly departed the company on Monday, April 20, 2026, with Neugebauer retaining board membership while stepping down as chairman.
- Fermi's stock fell 22% following the announcement. Independent board director Marius Haas was elevated to chairman; Everson was appointed board director through a trust designation.
- The departures coincide with reported difficulties at Project Matador, Fermi's nuclear-powered AI data center campus in Amarillo, Texas, including customer friction documented by Bloomberg.
- The company framed the leadership change as part of 'Fermi 2.0,' coupled with plans to relocate headquarters to Dallas, presenting the restructuring as a reset to investors rather than a crisis response.
Fermi, a startup co-founded by former U.S. Energy Secretary Rick Perry, announced the abrupt departure of CEO Toby Neugebauer and CFO Miles Everson on April 20, 2026. The departures triggered a 22 percent decline in the company's share price on the same day, according to TechCrunch. Neugebauer stepped down as chairman but retained a board seat, while independent board director Marius Haas assumed the chairman role. Everson was appointed to the board via a director designation mechanism tied to the Melissa A. Neugebauer 2020 Trust.
Fermi is developing Project Matador, an AI data center campus in Amarillo, Texas, intended to be powered by nuclear reactors. Bloomberg reported that the project has recently encountered friction with major customers and other operational difficulties. The company positioned the leadership transition and related announcements—including a planned relocation of corporate headquarters to Dallas—as part of a 'Fermi 2.0' repositioning effort, framed as progress rather than damage control.
- Apr 20, 2026 · Appfigures
App Store launches surge 60% in early 2026, with AI tools potentially fueling new creator activity
Trust68 - Apr 20, 2026 · Anthropic
Anthropic launches Claude Design, a visual creation tool powered by Claude Opus 4.7
Trust82 - Apr 19, 2026 · TechCrunch — AI
Uber commits over $10 billion to autonomous vehicle fleet acquisition, shifting from tech development to asset ownership
Trust55