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Fermi co-founder and CEO Toby Neugebauer and CFO Miles Everson have abruptly left the AI nuclear firm, sending shares down 22% on Monday.
The company said Neugebauer has stepped down as chairman, although he remains on the board. Lead Independent Board Director Marius Haas has joined the role of chairman, a the company said Monday. Everson has been appointed to the board of directors for exercising the right to appoint the Melissa A. Neugebauer 2020 Trust.
Fermi, founded by former US Energy Secretary Rick Perry, is developing an AI campus in Amarillo, Texas, which will eventually use nuclear power for power plants. The campus, known as Project Matador, has struggled in recent months, including a dispute with a major client, Bloomberg said.
The company approved departures, along with other plans including a corporate headquarters in Dallas, such as Fermi 2.0 in order to show investors that it is still progressing in its work.
