Top executives exit AI nuclear startup Fermi as CEO and CFO step down

AI-focused nuclear energy company Fermi has seen a sudden leadership shake-up, with co-founder and CEO Toby Neugebauer and CFO Miles Everson both stepping down from their executive roles. The announcement triggered a sharp market reaction, with the company’s shares falling 22% on Monday.

Fermi said Neugebauer has resigned as chairman but will continue to serve on the board. In his place, Lead Independent Board Director Marius Haas has been appointed as the new chairman. The company also confirmed that Everson has been elected as a board director following the exercise of director designation rights held by the Melissa A. Neugebauer 2020 Trust.

Former U.S. Energy Secretary Rick Perry co-founded Fermi and is working on an ambitious AI-focused nuclear energy campus in Amarillo, Texas. The project, known as Project Matador, aims to power large-scale data centre operations using nuclear reactors.

However, the development has faced challenges in recent months, including reported tensions with a key customer, according to Bloomberg. These issues have added pressure on the company as it attempts to scale its long-term infrastructure plans.

Despite the executive departures, Fermi emphasised that it is continuing its broader strategic direction. The company described the changes, along with plans to establish a corporate headquarters in Dallas, as part of what it is calling “Fermi 2.0,” a reset aimed at reassuring investors and signalling continued progress on its AI energy ambitions.

Fermi’s long-term vision remains centred on building nuclear-powered infrastructure designed to support the rapidly growing energy demands of artificial intelligence systems and data centres.