Story perspectives

Fermi Shares Plummet 22% After CEO and CFO Exit

4/21/2026

Summary

Fermi Leadership Shakeup

Fermi's shares fell 22% after its co-founder and chief executive Toby Neugebauer and chief financial officer Miles Everson abruptly left their roles.
Toby Neugebauer remains on Fermi's board but has stepped down as chairman.
Marius Haas was named chairman.
Miles Everson has transitioned to a board director position.
Fermi's Project Matador, an AI campus in Amarillo, Texas, faces challenges with a key customer while pursuing "Fermi 2.0" branding to reassure investors.

Summary

Fermi Leadership Transition

Fermi Inc. is experiencing a leadership change as co-founder and CEO Toby Neugebauer and CFO Miles Everson resign due to issues with Project Matador, a data center campus in Texas.
Marius Haas has been appointed chairman, while Jacobo Ortiz and Anna Bofa serve as co-presidents during the search for a new CEO.
The company faces a class action lawsuit from shareholders for alleged misrepresentation of demand after a key tenant canceled its agreement.
Texas Tech University continues to support the project, discussing lease milestone extensions.

History

Historical Context

The 2008 financial crisis prompted significant changes in corporate governance, notably affecting firms like Lehman Brothers and Bear Stearns. Fermi Inc.'s recent leadership shakeup, with CEO Toby Neugebauer and CFO Miles Everson resigning, mirrors these past instabilities, resulting in a 22% stock drop. Ongoing issues with Project Matador and a class action lawsuit raise investor concerns about transparency and long-term reputational damage.

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Fermi Leadership Shakeup

Fermi's shares fell 22% after its co-founder and chief executive Toby Neugebauer and chief financial officer Miles Everson abruptly left their roles.
Toby Neugebauer remains on Fermi's board but has stepped down as chairman.
Marius Haas was named chairman.
Miles Everson has transitioned to a board director position.
Fermi's Project Matador, an AI campus in Amarillo, Texas, faces challenges with a key customer while pursuing "Fermi 2.0" branding to reassure investors.

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