Fermi America Seeks New Leadership Amid Executive Exodus, Pivots to Dallas HQ
April 20, 2026
Nascent data center real estate investment trust (REIT) Fermi America is navigating a significant leadership crisis and strategic overhaul, casting uncertainty over its ambitious plan to build one of the world's largest nuclear-powered data center campuses in Texas. The executive departures represent a critical test for the newly public company, which aims to redefine large-scale digital infrastructure with dedicated power generation.
The turmoil began last Friday when co-founder Toby Neugebauer stepped down as Chief Executive Officer. The announcement triggered a 31% plunge in Fermi's shares in postmarket trading. Within 48 hours, Chief Financial Officer Miles Everson also departed, according to a report from banking intelligence platform AtriumData.ai. In response, Fermi has established an interim "office of the CEO" led by former COO Jacobo Ortiz Blanes and board adviser Anna Bofa. Neugebauer will remain on the board.
This leadership exodus follows a major financial setback in December, when Fermi lost $150 million in construction funding for its flagship initiative, Project Matador, after an unnamed potential tenant withdrew from a funding agreement. That news, disclosed in a Securities and Exchange Commission filing, caused the stock to fall 30%. Fermi, which went public in early October after a January 2025 launch and raised $682 million, plans to develop a nearly 6,000-acre campus near Amarillo, Texas. The project, designed to integrate four nuclear reactors capable of delivering up to 17 gigawatts of power, has the potential to become the world's largest hybrid energy-and-data infrastructure site.
Announcing a "Fermi 2.0" strategic plan, the company stated it is "doubling down" on development efforts. As part of this new chapter, Fermi will establish a new corporate headquarters in a premier Dallas office park and expand its corporate office at the Amarillo project site. The company also named Marius Haas, a founding partner of private equity firm BayPine, as its new board chairman. A committee including Haas and executive search firm Heidrick & Struggles has been formed to identify permanent CEO candidates, with an interim CFO expected to be announced this week.
The leadership vacuum comes at a precarious financial moment. Atrium Data Research reported that Fermi holds a Macquarie Equipment Finance term loan with a 49% effective interest rate, requiring an approximate $149 million repayment in August. The report notes that any refinancing or exit strategy requires a permanent CEO and CFO to execute. Despite the challenges, key partners express continued support. Texas Tech University System (TTUS), which granted Fermi a 99-year lease on the Carson County property, is engaged in "good-faith discussions" to extend lease milestones. "Project Matador has the potential to deliver generational impact — not just for TTUS, but for national security, American energy independence, and the future of advanced research and industry in West Texas," TTUS Chancellor Brandon Creighton said in a statement, reaffirming the system's commitment to the partnership.
Source: bisnow
