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Trump-Branded Data Center Project CEO Departs
The company said an interim office of the CEO will run Fermi while it searches for a replacement after shares fell 22%, officials said.
- On Monday, April 20, 2026, Fermi co-founder and CEO Toby Neugebauer and CFO Miles Everson abruptly departed, sending shares down 22%. Jacobo Ortiz Blanes and Anna Bofa were named co-presidents of an interim office of the CEO.
- Persistent struggles to secure an anchor tenant for Project Matador, including a $150 million deal terminated in December, likely prompted the leadership change. Neugebauer had acknowledged friction with customers over the Texas energy campus.
- Stifel Nicolaus analyst Stephen Gengaro noted the transition "indicates that there was friction between customers and Neugebauer, and negotiations could be simpler going forward." Evercore analysts suggested the move changes the "tone at the top" while maintaining operational vigor.
- Fermi Chairman Marius Haas announced a shift to "Fermi 2.0," including plans for a new corporate headquarters in Dallas. The board engaged Heidrick & Struggles to identify a permanent CEO.
- With shares down 69% since its IPO last year, the company faces significant skepticism. Analysts estimate that even with a tenant secured, Project Matador's first buildings would not come online until May 2027.
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Trump-branded data center project CEO departs
The head of Fermi America, the company building a large-scale data center campus in Texas named after President Trump, has resigned from his current role amid a broader reshuffling of the firm’s leadership. Fermi co-founder and CEO Toby Neugebauer stepped down Friday, according to a securities filing. The Dallas billionaire remains a member of the...
·Washington, United States
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Coverage Details
Total News Sources8
Leaning Left2Leaning Right1Center4Last UpdatedBias Distribution57% Center
Bias Distribution
- 57% of the sources are Center
57% Center
L 29%
C 57%
14%
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