DALLAS, Texas (KVII) — Fermi Inc. announced sweeping leadership and strategic changes Tuesday, including a CEO transition, new board leadership and plans to establish a Dallas headquarters, as the company pushes forward with its large-scale energy and infrastructure project in the Texas Panhandle.
The moves are part of what the company is calling “Fermi 2.0,” a new phase aimed at positioning the firm for long-term growth as it develops Project Matador, a proposed 17-gigawatt energy campus near Amarillo designed to support power-intensive industries such as artificial intelligence.
Co-founder Toby Neugebauer has stepped down as chief executive officer but will remain on the company’s board. Marius Haas, previously the lead independent director, has been appointed chairman of the board, effective immediately.
To manage the transition, the board has created an “Office of the CEO,” with former Chief Operating Officer Jacobo Ortiz Blanes and board adviser Anna Bofa serving as co-presidents and overseeing day-to-day operations while a search for a permanent CEO is underway.
The company said it has engaged executive search firm Heidrick & Struggles to lead the process. A committee of board members will identify candidates with experience in public company leadership, operations and stakeholder management.
Fermi also said Chief Financial Officer Miles Everson has stepped down from his executive role and will join the board. The company is in discussions to appoint an interim CFO and expects to announce that selection this week.
The leadership shakeup comes as Fermi continues development of Project Matador, a massive energy and data infrastructure initiative expected to combine natural gas generation, nuclear power, solar energy and battery storage to deliver electricity at scale for industrial users and data centers.
The project is being developed in partnership with the Texas Tech University System, which reiterated its support in Tuesday’s announcement. Chancellor Brandon Creighton said the initiative could have broad impacts on energy production, research and economic development in West Texas.
Fermi said it is working with Texas Tech officials to potentially extend certain lease milestones as the project moves into its next phase.
As part of its expansion, the company plans to open a corporate headquarters in Dallas and build out additional office space in Amarillo near the project site. Company leaders said the dual presence will allow closer coordination with investors, partners and on-the-ground operations.
Fermi also announced the appointment of Jeffrey S. Stein to its board of directors. Stein brings experience in energy and corporate advisory roles, including leadership positions in both public and private companies.
In outlining its strategy, the company said it plans to deepen relationships with academic and industry partners, secure commitments from initial tenants and attract additional investors, including sovereign funds and strategic partners.
Fermi, which trades on the Nasdaq and London Stock Exchange under the ticker FRMI, is focused on developing private electric grid systems capable of delivering large amounts of reliable power for emerging technologies.
Company officials did not provide a timeline for naming a new CEO but said the search is a top priority as it continues to advance Project Matador and expand its operations in Texas.