Fermi Shares Plunge 19% Amid CEO and CFO Departures

Shares of Fermi (NASDAQ: FRMI) tumbled 19% on Monday following the announcement of a sweeping management overhaul. The company disclosed the resignations of both its Chief Executive Officer, Toby Neugebauer, and its Chief Financial Officer, Miles Everson. While both executives will remain on the Board of Directors, neither position has been permanently filled. In a move described as a transition to "Fermi 2.0," the company is relocating its headquarters from Amarillo to Dallas, Texas. Management stated the move is intended to evolve the firm from an entrepreneurial startup culture into a professional enterprise capable of operating as a public company. Interim leadership duties have been assigned to an "Office of the CEO," managed by Chief Operating Officer Jacobo Ortiz Blanes and former Board advisor Anna Bofa. The company is currently in negotiations with a candidate to serve as interim CFO. Investor anxiety is primarily centered on "Project Matador," Fermi's massive integrated power and AI data center initiative. Despite ambitious goals to supply 11 GW of power to 18 million square feet of AI capacity, the project has yet to secure a major long-term lessee. A previous non-binding letter of intent from a potential tenant was withdrawn in December. Since its IPO on October 1 at $21 per share, Fermi has struggled to maintain momentum. The current price of $5.30 reflects growing skepticism regarding the company's ability to monetize its infrastructure and stabilize its executive leadership.