Leadership Crisis at Fermi America as Top Executives Exit

ermi America faces a leadership crisis as CEO Toby Neugebauer and CFO Miles Everson exit. Shares plunge 31% while the REIT pivots to a new Dallas headquarters.

By: AXL Media

Published: Apr 21, 2026, 10:41 AM EDT

Source: Bisnow

Executive Reorganization and Strategic Pivot

In response to the leadership vacuum, Fermi announced the creation of an "office of the CEO" on Monday to stabilize operations. This interim leadership team includes former Chief Operating Officer Jacobo Ortiz Blanes and board adviser Anna Bofa. While Neugebauer has relinquished his executive duties, he will remain a member of the board. To signal a fresh start under the "Fermi 2.0" strategic plan, the company is relocating its corporate headquarters to a premier office park in Dallas. Additionally, Marius Haas, a founding partner at BayPine, has been named the new chairman of the board and will lead the search for a permanent CEO in collaboration with executive search firm Heidrick & Struggles.

Financing Hurdles and Project Matador Stalls

The leadership exodus follows a devastating financial setback for Fermi’s flagship development, Project Matador. In December, the company revealed that an unnamed potential tenant withdrew from a deal intended to provide $150 million in construction funding. Although the tenant is reportedly still interested in a future lease, the loss of immediate capital caused a 30% plunge in stock value late last year. The REIT is currently burdened by a Macquarie Equipment Finance term loan featuring a staggering 49% effective interest rate. This high-interest debt requires a repayment of approximately $149 million this August, a task that industry analysts suggest requires permanent leadership to execute successfully.

The Ambition of the 11 GW Nuclear Megacampus

Project Matador is designed to be the world’s largest hybrid energy-and-data infrastructure campus, spanning nearly 6,000 acres in Carson County, Texas. The ambitious plan involves the installation of four nuclear reactors capable of generating up to 17 gigawatts of power to fuel massive data center arrays. The project’s scale is intended to address the growing power demands of advanced research and industry while promoting American energy independence. Despite the current executive turmoil and financial pressure, Fermi’s leadership maintains that the "Fermi 2.0" plan will allow the company to move at "FermiSpeed" toward its nuclear construction milestones.