Fermi America, the company behind a massive hypergrid and data center project under construction near Amarillo in the Texas Panhandle, saw major changes in its leadership over the past few days as part of what it called a “strategic evolution.”
The changes include a new board chairman, a new office location in Dallas, two co-presidents and other moves, according to a company news release and filed documents with the U.S. Securities and Exchange Commission.
“Following notable achievements for Project Matador across construction, buildout and regulatory milestones, these developments will position Fermi for its next chapter of innovation, operational excellence, and client-focused service,” the release states.
CFO resigns, joins board per agreement
Effective Sunday, April 19, Miles Everson resigned from his position as Chief Financial Officer and secretary of the company, according to the company’s filing with the SEC. He is no longer an officer or employee of the company or any of its subsidiaries, but he is serving on the company’s board of directors.
The filing said Everson’s resignation was without “Good Reason,” and Fermi is looking at a possible candidate to serve as interim CFO, with an announcement expected in the coming week.
Everson was elected to the board as a result of the exercise of director designation rights held by the Melissa A. Neugebauer 2020 Trust, per the SEC filing. He will serve as a Class III director of the company, with an initial term expiring at the company’s 2028 annual meeting, or earlier if certain circumstances arise.
CEO resigns, new Office of the CEO created
Additionally, on Friday, April 17, the company’s co-founder Toby Neugebauer stepped down from his position as Chief Executive Officer with Fermi America.
According to the SEC, after Neugebauer departed his role, the company’s Board of Directors created an interim Office of the CEO to act as the company’s interim operational leadership team. This includes Jacobo Ortiz Blanes, previously the company’s Chief Operating Officer, and Anna Bofa, previously a board advisor.
Fermi said Ortiz Blanes and Bofa have been appointed as co-presidents of the company and will share the responsibilities previously held by Neugebauer. They will report to the board chairman and will collectively oversee day-to-day operations while a search for a new CEO is underway.
Fermi’s board of directors has engaged executive search firm Heidrick & Struggles in its CEO search. A committee with the board chairman and independent directors Lee McIntire and Cordel Robbin-Coker will work in conjunction with Heidrick to identify and recommend CEO candidates who can “build on the legacy established by its founders,” a news release says.
Fermi said Bofa has a proven track record of building trusted relationships with key partners including Texas the Tech University System, the company’s shareholders and its clients and tenants, especially in the tech industry. She began her career at Google, was an early team member at Dropbox and Pinterest, and later served as a global head of product programs at Meta. She is also the co-founder of Crate AI.
Ortiz Blanes has led the acquisition, construction and management of several real estate transactions valued at more than $280 million. In 2008, he founded Las Brisas Property Management, one of the largest real estate services firm in Puerto Rico and the Caribbean, where he currently serves as president. He also worked for 15 years as a marketing manager with S. C. Johnson & Son, Inc.
New location for corporate HQ in Dallas
Fermi has been working on its private power grid and AI data center campus, Project Matador, near Amarillo over the past year. The company has been steadily making progress on obtaining multiple agreements and permits for land, energy and water since the project was first announced in June 2025. In September, they filed paperwork with federal regulators for a proposed initial public offering.
The company also said it is establishing a new corporate headquarters in Dallas and will be building out a corporate office presence at its Project Matador site in Amarillo.
“Dallas offers world-class talent, a dynamic business environment, and proximity to many of our key stakeholders, and Amarillo provides us with on-site presence to Project Matador’s buildout and close proximity to our partners at TTUS,” said Bofa.
“Fermi is evolving from an entrepreneurial start-up culture into a public-company-caliber professional enterprise. Establishing an official presence in Dallas (within a premier office park location to be announced) and Amarillo represents an important step in that evolution. Our new offices will serve as a platform for deeper collaboration with partners and will enhance our ability to serve our clients and tenants,” said Ortiz Blanes.
Board member added, new director
Fermi also announced that, effective immediately, Lead Independent Board Director Marius Haas has stepped into the role of chairman of the board. Toby Neugebauer remains a member of the board.
“I’m incredibly proud of what our team has built and am honored to step into the position of Chairman,” said Haas. “In addition to my role as a director on Fermi’s Board since founding, I have served on a number of public company boards and leadership teams in the technology sector. I look forward to lending my expertise to chairing Fermi’s Board at an exciting time in the Company’s evolution as we continue to execute on the success of Project Matador and identify new leadership for our next chapter.”
Haas is a founding partner of BayPine and has spent most of his career leading executive teams and organizations in the technology and enterprise solutions industry. His career includes senior leadership roles at Dell Technologies, Hewlett-Packard, Compaq and Intel Corporation.
He served as president and Chief Commercial Officer at Dell and played an instrumental role as a senior operating executive in the take-private of Dell in 2013, as well as the subsequent integration of Dell, EMC, and VMware in 2016, and the strategic transformation of Dell from a commodity PC supplier into a leading provider of technology infrastructure and enterprise solutions.
The board size was also increased from five to seven directors.
Also in the April 19 SEC filing, Fermi said its board of directors appointed Jeffrey S. Stein as a new member of the board, and “he will serve as a Class II director of the Company, with an initial term expiring at the Company’s 2027 annual meeting, or until his earlier resignation, death or removal.”
Stein is currently co-founder and managing partner of Breakpoint Advisory Partners LLC, a boutique corporate advisory and investment banking firm that provides consulting services to companies navigating complex transactions and strategic transformations, a role he has held since April 2025.
From January 2010 to March 2025, Stein was a founder and managing partner of Stein Advisors LLC, a financial advisory firm that provided consulting services to public and private companies and institutional investors. He has served in various positions including executive chairman, chief executive officer, and as a director on audit, compensation, corporate governance, finance, and risk committees.
The company said Stein “has been engaged as an executive and director to support companies navigating a variety of strategic matters, including complex contract negotiations, capital structure and performance optimization, and regulatory oversight.”
Over the years, Stein has served on several boards of different companies, including Octave Specialty Group, Inc., Sunnova Energy International Inc., Vertex Energy, Inc., Rite Aid Corporation, Troika Media Group, Inc., Aearo Technologies LLC, GWG Holdings Inc., Intelsat Connect Finance S.A., NMC Health plc, Westmoreland Coal Company and Dynegy Inc.
‘Fermi 2.0’
“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,” said Texas Tech University System Chancellor Brandon Creighton in the April 20 news release. “TTUS remains firmly committed to our partnership with Fermi America and to the long-term opportunity this project represents for our region, our state, and the nation. Building on that progress, we are actively engaged in good-faith discussions to extend certain milestones in the lease agreement as we advance Project Matador into its next phase.”
The company said Fermi 2.0 represents a comprehensive progression of the company’s strategic direction, governance structure, and operating platform, with intent to:
Tenants in discussions, campus expands
Fermi America was co-founded by Neugebauer and former U.S. Energy Secretary and Texas Gov. Rick Perry, with the aim to meet the rapidly growing energy demands tied to AI infrastructure. As of the annual report, they remained in active discussion with multiple prospective tenants across various stages of negotiation. The company is developing a powered campus model on a 5,236-acre site in Carson County under a 99-year ground lease with Texas Tech, and they’re expanding the site to approximately 7,570 acres.
In the latest action, March, the City of Amarillo filed an application with the U.S. Foreign-Trade Zones Board seeking subzone designation for Project Matador, which would permit certain imported equipment and materials, including power generation turbines and related infrastructure, to receive favorable customs treatment, and duty deferral. The application is subject to review and approval under the Foreign-Trade Zones Act and regulations of the FTZ Board.
Additionally, on March 20, the NRC published a notice of intent in the federal register to conduct a scoping process and prepare an environmental impact statement in connection with their application for four Westinghouse AP1000 reactors, initiating a 30-day public scoping period.
This article originally appeared on Amarillo Globe-News: Fermi America sees major shakeup as Texas Panhandle AI site advances
Reporting by Kristina Wood, Amarillo Globe-News / Amarillo Globe-News
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