Fermi Shares Plunge After Announcing Departure of CEO
(Bloomberg) -- Fermi shares fell as much as 31% in post-market trading after the developer behind a massive planned AI campus in Texas announced the immediate departure of co-founder and Chief Executive Officer Toby Neugebauer.
The company said it has created a interim office of the CEO, which will include Chief Operating Officer Jacobo Orti and Anna Bofa, an observer to Fermi’s board, while it conducts a search for Neugebauer’s replacement, according to a filing posted after the close of regular trading.
Fermi, whose founders also include former US Energy Secretary Rick Perry, has sought to capitalize on the booming demand for power to supply data centers running artificial intelligence. However, its share price has fallen nearly 70% since it went public in September. The company is aiming to build a giant private power complex with nuclear reactors in the Texas Panhandle that would supply AI computing facilities.
Fermi said it will release additional details on the executive changes on Monday.
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