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Fermi Inc on Monday appointed a new chair as it noted that both Chief Executive Toby Neugebauer and Chief Financial Officer Miles Everson are stepping down from their roles. In response, the company’s shares slumped 22% to $5.29 on Monday afternoon in London and fell 20% to $5.27 pre-market in New York. The real estate investment trust focused on data centres did not specify the reasons behind the CEO or CFO’s departures, but noted that both will remain on the company’s board, with Everson elected ‘as a result of the exercise of director designation rights held by the Melissa A Neugebauer 2020 Trust’. The company is in talks with a new CFO candidate, and plans an update ‘in the coming week’. It has hired executive recruiters Heidrick & Struggles to find a successor to Neugebauer. In parallel, Fermi has introduced ‘a new office of the CEO that will act as the company’s interim operational leadership team’. This comprises Jacobo Ortiz Blanes, previously chief operating officer, and Anna Bofa, previously a board advisor, who has worked at both Meta Platforms Inc and Alphabet Inc. Blanes and Bofa have been appointed as co-presidents and will share ex-CEO Neugebauer’s duties while the company recruits a permanent replacement. The co-presidents will report to Fermi’s newly appointed Chair Marius Haas, whose experience includes stints at Intel Corp, Dell Technologies Inc and Hewlett-Packard Enterprise Co, in addition to serving as an advisor to Kohlberg, Kravis & Co LLP. Also joining the board is Jeffrey Stein, co-founder of investment banking firm Breakpoint Advisory Partners LLC. According to Fermi, its new leadership team will support the company as it embarks on the next phase of its development, which it has dubbed ‘Fermi 2.0’. This ‘represents a comprehensive progression of the company’s strategic direction, governance structure, and operating platform,’ Fermi stressed. It plans to tighten ties with Texas Tech University System, which has partnered with Fermi on the development of its flagship Matador power grid project. The company is also setting up new headquarters in Dallas, alongside corporate offices in Amarillo, where the Matador project is based. ‘These new offices underscore Fermi’s commitment to Texas as a strategic hub for its operations, partnerships, and growth, and reflect the company’s maturation from a start-up to a scaled enterprise,’ Fermi added. Copyright 2026 Alliance News Ltd. All Rights Reserved.
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