The CEO and CFO of Fermi have unexpectedly left the AI nuclear energy company, causing its stock to drop 22% on Monday. Co-founder and CEO Toby Neugebauer has resigned as chairman but will stay on the board. Lead Independent Board Director Marius Haas has now assumed the chairman position.

CFO Miles Everson has been appointed to the board through the director designation rights of the Melissa A. Neugebauer 2020 Trust.

Fermi, co-founded by former U.S. Energy Secretary Rick Perry, is working on an AI campus in Amarillo, Texas, designed to be powered by nuclear reactors for its data centers. This initiative, called Project Matador, has faced recent challenges, including reported tensions with a major customer.

The company framed these leadership changes and other strategic moves, such as establishing a corporate headquarters in Dallas, as part of "Fermi 2.0." This rebranding aims to reassure investors that the project continues to advance.