Fermi Inc. Reboots Leadership in High-Stakes Bid to Power AI Future

DALLAS, TX – April 20, 2026 – Fermi Inc., the ambitious company planning to build one of the world's largest private power grids for the artificial intelligence industry, today announced a sweeping strategic and leadership overhaul, ousting its co-founder CEO and signaling a pivotal transition from a volatile startup to a structured enterprise. The move, dubbed "Fermi 2.0," comes as the company grapples with a plummeting stock price and the critical need to secure anchor tenants for its massive Project Matador in West Texas.

In a dramatic shakeup, co-founder Toby Neugebauer has departed as Chief Executive Officer, though he will remain on the board. Stepping into the leadership void is a new guard of seasoned corporate executives. Marius Haas, a former top executive at Dell Technologies with deep experience in scaling global tech enterprises, has been elevated from Lead Independent Director to Chairman of the Board. The company's stock (NASDAQ: FRMI) fell over 17% in trading today, reflecting investor uncertainty surrounding the transition and the ongoing challenges.

"I'm incredibly proud of what our team has built and am honored to step into the position of Chairman," said Haas in the official announcement. "I look forward to lending my expertise to chairing Fermi's Board at an exciting time in the Company's evolution as we continue to execute on the success of Project Matador and identify new leadership for our next chapter."

A New Chapter or a Risky Pivot?

"Fermi 2.0" is being presented as a comprehensive evolution designed to professionalize the company's governance and operations. To ensure stability during the transition, Fermi’s board has established a new Office of the CEO, helmed by Co-Presidents Jacobo Ortiz Blanes and Anna Bofa, who will share the responsibilities of the former CEO.

The appointments appear strategically designed to tackle Fermi's two most significant challenges: construction and client acquisition. Ortiz Blanes, the company's former Chief Operating Officer, brings extensive experience in real estate and construction management, critical for the physical buildout of the 17-gigawatt Project Matador. Bofa, a former board advisor with a background at tech giants like Google, Meta, and Pinterest, is expected to leverage her deep industry connections to secure the hyperscale AI clients the project desperately needs.

"The Office of the CEO is designed to provide stable, experienced leadership during this important transition," Haas stated. "Jacobo and Anna each bring critical strengths that will help us maintain operational excellence, deepen our partnerships, and keep our clients and tenants at the center of everything we do."

The board has engaged executive search firm Heidrick & Struggles to find a permanent CEO with "strong public company experience," a clear signal of the new direction.

A Board in Transition Amid Lingering Questions

The leadership change follows a period of intense market scrutiny. Neugebauer's tenure as a visionary founder has been contrasted with his controversial leadership at GloriFi, a previous financial tech startup that ended in bankruptcy and a flurry of lawsuits. The move to install a more traditional corporate leadership structure may be an effort to reassure investors and potential clients.

Further bolstering this shift is the appointment of Jeffrey S. Stein to the board. Stein is a specialist in corporate transformations and restructurings, having served as a director or executive for numerous companies navigating complex financial situations, including Rite Aid and Sunnova Energy. His expertise suggests a sharpened focus on financial discipline and de-risking the company’s ambitious and capital-intensive plans.

The board changes also saw the resignation of CFO Miles Everson, who was then immediately elected as a board director through designation rights held by the Melissa A. Neugebauer 2020 Trust, highlighting the continued influence of the founding family's interests.

The High-Stakes Bet on Project Matador

At the heart of Fermi's strategy is Project Matador, a proposed 17-gigawatt private "HyperGrid" campus in West Texas designed to provide the immense, reliable power required by next-generation AI data centers. The project plans to integrate combined-cycle natural gas, advanced nuclear power, solar, and battery storage.

Despite the leadership turmoil, Fermi has made tangible progress on the ground. The company has secured a crucial 6 GW Clean Air Permit from Texas regulators and has arranged over a billion dollars in equipment financing from institutions like Beal Bank USA and MUFG. It is also an inaugural participant in the Nuclear Regulatory Commission's accelerated review program for its nuclear component.

However, the project's viability hinges on securing long-term commitments from clients. A significant red flag was raised in December 2025 when a prospective tenant terminated a $150 million construction agreement. The company's own statements have indicated it would not commit significant capital to further construction without a committed tenant, making the new leadership's goal to "memorialize binding commitments" its most urgent task.

One crucial partner, the Texas Tech University System (TTUS), which owns the land for the project, remains steadfast. "TTUS remains firmly committed to our partnership with Fermi America," said Chancellor Brandon Creighton. He confirmed that the university is in "good-faith discussions to extend certain milestones in the lease agreement," providing the new management team with critical breathing room.

From Startup Culture to Corporate Hub

Underscoring the strategic shift, Fermi announced it will establish a new corporate headquarters in Dallas and build out an office at the Project Matador site in Amarillo. The move is intended to tap into the Dallas area's deep talent pool and establish a more formal corporate presence closer to financial markets and stakeholders.

"Dallas offers world-class talent, a dynamic business environment, and proximity to many of our key stakeholders," said Co-President Anna Bofa.

Jacobo Ortiz Blanes added that the move represents the company's evolution from an "entrepreneurial start-up culture into a public-company-caliber professional enterprise." This physical relocation mirrors the ongoing transformation in its boardroom, as Fermi attempts to build the corporate infrastructure needed to support one of the nation's most ambitious energy projects. The success of this new era will ultimately be measured not by new titles or office locations, but by the signing of the large-scale power purchase agreements necessary to turn Project Matador from a blueprint into a reality.