Fermi AI Nuclear Power Startup Loses CEO and CFO Amid Project Matador Struggles

Fermi, an AI nuclear power company co-founded by former U.S. Energy Secretary Rick Perry, experienced a 22% stock drop on Monday following the sudden departure of CEO Toby Neugebauer and CFO Miles Everson. Neugebauer stepped down as chairman but remains on the board, with Lead Independent Board Director Marius Haas assuming the chairman role. Everson was elected as a board director through rights exercised by the Melissa A. Neugebauer 2020 Trust. The company is developing an AI campus in Amarillo, Texas, called Project Matador, which aims to use nuclear reactors to power data centers but has faced recent challenges including friction with a key customer. Fermi framed these leadership changes and plans for a Dallas corporate headquarters as part of "Fermi 2.0" to signal ongoing progress to investors.