Fermi, an AI power startup backed by former U.S. Energy Secretary Rick Perry, has announced the departure of CEO Toby Neugebauer and CFO Miles Everson. The transition coincides with a “2.0” reset aimed at attracting customers for a massive data center project in Texas. Since its pre-revenue IPO last year, Fermi’s market capitalization has fallen from $20 billion to $3.4 billion, following the loss of its first hyperscaler customer and a public confrontation between Neugebauer and Howard Lutnick. Neugebauer and Everson will retain board seats. Read the full story at Fortune (subscription).
Source · Fortune
