· Related development
Fermi's CEO steps down; Texas Tech System says it is discussing lease milestone extensions
Co-founder Toby Neugebauer stepped down as CEO on April 17, 2026 and the CFO left within days; on April 20 Fermi named a new board chair and an interim office of the CEO. Bisnow reported that the Texas Tech University System was "engaged in good-faith discussions" to extend lease agreement milestones. ABC 7 later reported the board fired Neugebauer for cause on April 30; he disputes it and sued the company.[1][2][3]
Brandon CreightonFermi America (Fermi, Inc.)Texas Tech University System
What the sources say
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Toby Neugebauer left the CEO role on April 17, 2026 and CFO Miles Everson departed within about 48 hours. On April 20 Fermi named Marius Haas board chair and created an interim office of the CEO and a CEO search. Bisnow reported that Neugebauer would remain on the board at that time.[1]
- ✓ Verified
Brandon Creighton, Chancellor, Texas Tech University System: Bisnow reported that the Texas Tech University System is "engaged in good-faith discussions" to extend lease agreement milestones and quoted Chancellor Brandon Creighton saying the System "remains firmly committed to our partnership with Fermi America." The report did not say which milestones or for how long.[1]
- ✓ Verified
ABC 7 reported that the board fired Neugebauer for cause on April 30, 2026, citing violations of his employment agreement and company policies; Neugebauer disputes the firing and sued to challenge it, and Fermi denies wrongdoing. Lubbock Lights reported he filed suit in Texas Business Court on May 1, 2026.[2][3]