The company’s leadership is aggressively countering Neugebauer’s efforts, branding his solicitation a distraction that threatens the progress of the firm’s "Fermi 2.0" initiative and the development of Project Matador. According to the board, Neugebauer’s tenure saw the stock price decline by more than 80% from its IPO, and his current push is aimed at forcing a premature sale of the company that would undervalue public shareholders' interests.
Fermi Board Fights Former CEO’s Bid to Force Special Meeting
Fermi Inc. is mailing a definitive consent revocation statement to shareholders, urging them to reject an attempt by former CEO Toby Neugebauer to call a special meeting. The board maintains that Neugebauer, who was terminated for cause in April, currently lacks the necessary support to trigger the session.
Operational Momentum vs. Leadership Conflict
Since removing Neugebauer on April 17, 2026, the company reports it has re-established critical relationships with financial partners and potential tenants. Management highlights significant operational milestones, including over $1.4 billion in deployed infrastructure and nearly $1.0 billion in new financing commitments. While Neugebauer has suggested a meeting could occur on July 15, 2026, the board asserts that no such date has been set and no official notice has been issued. Shareholders are being directed to return a WHITE consent revocation card to signal support for the current board's long-term strategy, which includes an active search for a permanent CEO led by Heidrick & Struggles.
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