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Fermi co-founder and CEO Toby Neugebauer and CFO Miles Iverson abruptly left the artificial intelligence nuclear power company, sending shares down 22% on Monday.
Neugebauer resigned as chairman, although he remains a board member, the company said. Marius Haas, Lead Independent Director of the Board, has assumed the position of Chairman of the Board The company said Monday. Iverson was elected as a director of the Board of Directors as a result of the exercise of director appointment rights held by the Melissa A. Neugebauer 2020 Trust.
Fermi, co-founded by former US Secretary of Energy Rick Perry, is developing an artificial intelligence campus in Amarillo, Texas, that will eventually use nuclear reactors to power data centers. That campus, known as Project Matador, has faced difficulties in recent months, including friction with a major client, Bloomberg reported.
The company has formalized the departures, along with other plans including a corporate headquarters in Dallas Fermi 2.0 In an attempt to signal to investors that it is still making progress with its project.