CEO and CFO abruptly leave AI nuclear power startup Fermi

• 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 director designation rights held by the Melissa A. Neugebauer 2020 Trust
• Fermi, co-founded by former U.S. Energy Secretary Rick Perry, framed the departures and plans for a Dallas headquarters as progress signals to investors despite Project Matador's recent difficulties

Summary: Fermi AI Nuclear Power Startup Leadership Exodus

Key Developments:

AI nuclear power startup Fermi experienced sudden C-suite departures on April 20, 2026, with co-founder and CEO Toby Neugebauer and CFO Miles Everson leaving their executive positions. Neugebauer stepped down as chairman but remains on the board, while Everson transitioned to a board director role through rights held by the Melissa A. Neugebauer 2020 Trust. Lead Independent Board Director Marius Haas assumed the chairman position.

Company Background:

Fermi, co-founded by former U.S. Energy Secretary Rick Perry, is developing an AI campus in Amarillo, Texas, called Project Matador. The facility is designed to use nuclear reactors to power data centers, positioning itself at the intersection of AI infrastructure and clean energy.

Operational Challenges:

The company has faced significant difficulties in recent months, including:

• Project Matador experiencing operational struggles
• Friction with at least one key customer
• Overall project execution concerns

Strategic Response:

Fermi characterized the leadership changes as part of broader corporate restructuring, announcing plans to establish a corporate headquarters in Dallas. The company framed these moves as progress signals to investors despite the challenging circumstances.

Market Implications:

The abrupt departure of both CEO and CFO raises concerns about internal stability and project viability at a critical juncture for AI infrastructure development. The nuclear-powered data center concept represents an emerging sector attempting to address AI's massive energy demands, making Fermi's struggles potentially indicative of broader execution risks in this nascent market segment.