Overview
- Fermi said it will not run an immediate sale process sought by former CEO and top shareholder Toby Neugebauer, citing momentum on its Texas data and power campus.
- The company reported fresh positive feedback from prospective tenants and partners under its 'Fermi 2.0' reset, which it says is focused on governance, capital, and execution.
- Following Monday's leadership shake-up, shares fell about 20% in premarket trading as investors digested the CEO and CFO departures and the interim management plan.
- Fermi installed an interim Office of the CEO with Co‑Presidents Jacobo Ortiz Blanes and Anna Bofa, began a CEO search with Heidrick & Struggles, and named veteran tech executive Marius Haas as chairman.
- The overhaul comes after a key tenant prospect walked away from a roughly $150 million construction commitment in December and as a high‑cost Macquarie term loan with a large August repayment has been reported, raising pressure to secure leases or new capital.