Why did Fermi's stock drop significantly?

Fermi's stock dropped nearly 20% on Monday following the resignation of its CEO and CFO over the weekend.

What is Fermi's main project in Texas?

Fermi plans to build one of the world's largest data-center campuses by 2038 in Amarillo, Texas, featuring natural gas generation and nuclear reactors.

Who is temporarily leading Fermi after the executive departures?

Jacobo Ortiz Blanes, formerly chief operating officer, and board advisor Anna Bofa are co-leading Fermi while the board searches for a new CEO.

Home / Business and Economy / Fermi Leaders Exit Amidst Project Uncertainty

Fermi Leaders Exit Amidst Project Uncertainty

21 Apr

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Summary

Fermi's stock dropped nearly 20% due to leadership changes.
The company plans a large data center campus in Amarillo, Texas.
Key executives, CEO and CFO, resigned over the weekend.

Fermi Leaders Exit Amidst Project Uncertainty

Shares of Fermi, a company co-founded by former U.S. energy secretary Rick Perry, experienced a significant decline of nearly 20% on Monday. This drop followed the weekend resignations of both the chief executive officer and the chief financial officer. Fermi is known for its ambitious plan to construct one of the world's largest data-center campuses by 2038 in Amarillo, Texas.

The proposed site, named after President Trump, is slated to include natural gas generation and four nuclear reactors. However, the project has not yet secured an anchor data-center tenant. Toby Neugebauer, who co-founded Fermi with Perry, stepped down as CEO on Friday but remains on the board. Miles Everson resigned as CFO on Sunday, though he was also elected to Fermi's board.