Fermi Shares Plunge After Announcing Departure of CEO

Fermi shares fell as much as 31% in post-market trading after the developer behind a massive planned AI campus in Texas announced the immediate departure of co-founder and Chief Executive Officer Toby Neugebauer.

Toby Neugebauer

Photographer: Victor J. Blue/Bloomberg

The company said it has created a interim office of the CEO, which will include Chief Operating Officer Jacobo Orti and Anna Bofa, an observer to Fermi’s board, while it conducts a search for Neugebauer’s replacement, according to a filing posted after the close of regular trading.

Fermi, whose founders also include former US Energy Secretary Rick Perry, has sought to capitalize on the ...