Fermi Shares Plunge 31% Following Sudden CEO Exit

Fermi, the developer behind an ambitious large-scale AI campus project in Texas, saw its valuation tumble in post-market trading following the abrupt exit of its top executive. Shares of the company dropped as much as 31% shortly after the announcement was made public. The departure of co-founder and Chief Executive Officer Toby Neugebauer comes at a critical juncture for the firm as it manages the development of its high-profile AI infrastructure. The sudden nature of the exit has triggered immediate volatility and investor concern regarding the company's strategic direction. To stabilize operations, Fermi has implemented an interim office of the CEO. This temporary leadership structure consists of Chief Operating Officer Jacobo Orti and Anna Bofa, who serves as an observer to the company's board. The interim team will oversee the company's daily functions while a formal search for Neugebauer's replacement is conducted. The company confirmed the leadership change in a regulatory filing posted after the close of regular trading. Market participants are now closely monitoring the situation for further details regarding the circumstances of the departure and the potential impact on the Texas AI campus timeline.