Fermi co-founder and CEO Toby Neugebauer and CFO Miles Everson have unexpectedly left the AI nuclear power company, causing shares to drop 22% on Monday.
The company announced that Neugebauer has resigned as chairman but will retain his position on the board. Marius Haas, the Lead Independent Board Director, has assumed the chairman role, the company stated Monday. Everson has been named a board director due to the exercise of director designation rights by the Melissa A. Neugebauer 2020 Trust.
Fermi, co-founded by former U.S. Energy Secretary Rick Perry, is working on an AI campus in Amarillo, Texas, which will eventually use nuclear reactors to power data centers. Project Matador, as it’s known, has encountered difficulties recently, including issues with a major customer, Bloomberg reported.
The company framed these departures, along with other initiatives like a new corporate headquarters in Dallas, as Fermi 2.0 to reassure investors of ongoing progress on its project.