6 hours ago
1
The struggling AI power startup Fermi is losing both its CEO and chief financial officer as it launches a “2.0” reset to attract customers for the largest data center campus project in the world in the rural Texas Panhandle.
Fermi, which is backed by former U.S. Energy Secretary Rick Perry, saw a massively successful IPO last year—before generating any revenue—that was quickly followed by a steep decline on the stock market as it lost its first planned hyperscaler customer and then saw its cofounder and CEO, Toby Neugebauer, reportedly engage in a public confrontation with U.S. Commerce Secretary Howard Lutnick.
Fermi’s market cap has fallen from nearly $20 billion in October down to $3.4 billion as of April 20, including a nearly 18% dip on news of the leadership changes.
Neugebauer, the son of retired Texas congressman Randy Neugebauer, will remain a board member and Fermi’s largest shareholder, but he’ll no longer have an executive position. Likewise, CFO Miles Everson has resigned but will sit on the board, the company said.
Fermi chairman Marius Haas said a new “office of the CEO” will lead the company while search firm Heidrick & Struggles helps identify a new CEO. The firm will work closely with Haas and two other board...
English (US) ·