Fermi AI Nuclear Power Startup Loses CEO and CFO Suddenly

Fermi, an AI nuclear power startup co-founded by former U.S. Energy Secretary Rick Perry, experienced sudden leadership upheaval in April 2026 when CEO and co-founder Toby Neugebauer and CFO Miles Everson both departed the company. The exits came amid reported struggles with Project Matador, the company's Amarillo, Texas AI campus designed to use nuclear reactors to power data centers, including friction with a key customer according to Bloomberg. Fermi's stock plummeted 22% on April 20, 2026, though company leadership attempted to reframe the changes as "Fermi 2.0" to signal progress to investors. Marius Haas stepped in as chairman while the company plans to establish new corporate headquarters in Dallas.

Sudden Executive Departures and Leadership Restructuring

• ▪Fermi AI nuclear power firm was co-founded by former U.S. Energy Secretary Rick Perry
• ▪Fermi AI nuclear power firm shares fell 22% on Monday, April 20, 2026
• ▪Miles Everson was elected as a board director of Fermi AI nuclear power firm as a result of director designation rights held by the Melissa A. Neugebauer 2020 Trust
• ▪Fermi AI nuclear power firm CFO Miles Everson departed the company suddenly in April 2026
• ▪Marius Haas, Lead Independent Board Director of Fermi AI nuclear power firm, stepped into the role of chairman in April 2026
• ▪Toby Neugebauer stepped down as chairman of Fermi AI nuclear power firm but remains on the board
• ▪Fermi AI nuclear power firm co-founder and CEO Toby Neugebauer departed the company suddenly in April 2026

Project Matador Struggles and Company Repositioning

• ▪Fermi AI nuclear power firm characterized the executive departures and other plans as Fermi 2.0 to signal progress to investors
• ▪Project Matador experienced friction with a key customer according to Bloomberg reporting
• ▪Fermi AI nuclear power firm is developing an AI campus in Amarillo, Texas, that will eventually use nuclear reactors to power data centers
• ▪Fermi AI nuclear power firm's Amarillo, Texas campus is known as Project Matador
• ▪Fermi AI nuclear power firm plans to establish a corporate headquarters in Dallas
• ▪Project Matador has struggled in recent months as of April 2026

Perspective of Fermi AI nuclear power firm leadership

• ▪Fermi AI nuclear power firm characterized CEO and CFO departures as part of Fermi 2.0 transformation to signal progress to investors

Perspective of Fermi AI nuclear power firm investors

• ▪Fermi AI nuclear power firm stock market decline of 22% on April 20, 2026 reflected investor concern about sudden leadership departures

Perspective of Bloomberg reporting sources

• ▪Bloomberg reporting attributed Fermi AI nuclear power firm leadership departures to friction with a key customer on Project Matador
• ▪Project Matador struggles in recent months preceded the April 2026 departure of Fermi AI nuclear power firm CEO and CFO