In a dramatic development that sent shockwaves through the clean energy and tech sectors, AI nuclear power startup Fermi announced the sudden departure of both its Chief Executive Officer and Chief Financial Officer on Monday, April 20, 2026. The simultaneous exit of co-founder and CEO Toby Neugebauer and CFO Miles Everson triggered an immediate and severe market reaction, with Fermi's stock plummeting 22% to 23%, trading as low as $5.03.
The company framed the departures as part of a strategic "Fermi 2.0" transformation. Neugebauer stepped down as chairman but remains on the board, with Lead Independent Director Marius Haas assuming the chairman role. CFO Miles Everson resigned but was appointed to the board through designation rights held by the Melissa A. Neugebauer 2020 Trust, expanding the board to seven members. An interim Office of the CEO, led by COO Jacobo Ortiz Blanes and board adviser Anna Bofa, was established while a permanent CEO search is conducted with executive firm Heidrick & Struggles.
The leadership crisis strikes at a pivotal moment for Fermi's flagship venture, Project Matador. This ambitious initiative aims to build the world's largest AI data center campus on 7,570 acres in Amarillo, Texas, powered entirely by advanced nuclear reactors. However, the project faces mounting challenges, including difficulties securing a cornerstone tenant, technical hurdles in integrating AI with nuclear infrastructure, regulatory complexities, and intense competitive pressure for rapid deployment.
Despite the turmoil, some analysts see potential long-term upside. Stifel maintained a Buy rating with a $29 price target, suggesting the leadership change could remove friction in customer negotiations. Evercore also remained optimistic, maintaining an Outperform rating with a $20 target, viewing the transition as a change in tone but not operational tenacity. The company assured analysts that power delivery and customer acquisition plans remain on track, with tenant discussions reportedly accelerating post-announcement.
