Fermi Inc. announced a leadership shakeup Monday as it advances its West Texas energy and data campus project.
The company is developing Project Matador, also known as the Trump Advanced Energy and Intelligence Campus, a 17-gigawatt data center campus spanning roughly 5,800 acres in West Texas and named after President Donald Trump.
The changes mark a transition the company is calling Fermi 2.0, a shift from startup operations to a more established corporate structure focused on long-term growth.
Co-founder Toby Neugebauer has stepped down as CEO and will remain on the board, while lead independent director Marius Haas has become chairman of the board.
Chief financial officer Miles Everson also resigned from that role and was elected to the board. The company said it expects to name an interim chief financial officer this week.
Fermi said it created an Office of the CEO to oversee operations during the transition, with former chief operating officer Jacobo Ortiz Blanes and board adviser Anna Bofa serving as co-presidents while a search for a new chief executive is underway.
The company also said it will open a new headquarters in Dallas and expand its presence in Amarillo, Texas, near the Project Matador site.
Fermi said the changes are intended to strengthen governance, expand partnerships, and support development of the Texas project.
Project Matador is designed to deliver power through a mix of natural gas, nuclear, solar, and battery systems to support artificial intelligence and industrial demand.
The company said it remains committed to the project and its partnership with the Texas Tech University System.
Texas Tech Chancellor Brandon Creighton said the university system remains engaged and is in discussions to extend certain lease milestones tied to the project.
"Project Matador has the potential to deliver generational impact not just for TTUS, but for national security, American energy independence, and the future of advanced research and industry in West Texas," Creighton said.
The leadership changes come as the project faces pressure, including a shareholder class action lawsuit alleging the company misrepresented demand after its first tenant canceled an agreement, according to The Hill.
Fermi was co-founded by Neugebauer and Rick Perry, who served as energy secretary during Trump's first term.
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