Toby Neugebauer departed as CEO of data center developer Fermi Inc. (FRMI) on April 17, 2026. The company's stock fell in after-hours trading following the announcement. Shares have declined sharply since the company's initial public offering.
The leadership change follows significant construction delays at Project Matador in Texas. The facility was intended to be the world's largest data center. The project has struggled to secure an anchor tenant.
A $150 million funding agreement with a prospective anchor tenant was terminated in December 2025. Satellite imagery indicates the project is significantly behind its construction schedule.
Fermi's board established an Interim Office of the CEO to manage operations during the search for a permanent replacement. COO Jacobo Ortiz and board observer Anna Bofa will lead the interim office.