CEO and CFO suddenly depart AI nuclear power upstart Fermi

Fermi’s co-founder and CEO Toby Neugebauer and CFO Miles Everson abruptly stepped down from their executive roles.

The news sent Fermi shares down 22%; Neugebauer resigned as chairman but remains on the board.

Lead independent director Marius Haas has become chairman, while Everson also joined the board.

The leadership shakeup raises fresh concerns about execution at the company’s AI and nuclear-powered Texas data center project.