Fermi Co-Founder Neugebauer Sues Over His Ousting in Texas (1)

Fermi Inc. co-founder Toby Neugebauer said he was wrongfully terminated by the AI energy grid company and is still a legal board member in a lawsuit filed Friday in the Texas Business Court.

Neugebauer’s petition says he can only be removed from the board of directors by the company’s shareholders, not its executives or board, under both Texas law and Fermi’s organizational documents.

Neugebauer, who co-founded the artificial intelligence startup with former Texas Gov. Rick Perry, was terminated for cause on Thursday because of “conduct in violation” of his employment agreement, and as such was automatically removed from the board ...