Fermi America has officially fired former CEO Toby Neugebauer from its board of directors on April 30, according to a company Securities and Exchange Commission (SEC) filing.
Neugebauer’s firing comes weeks after he was removed as CEO on April 17. According to the April 30 SEC filing, Neugebauer was fired for cause “as a result of conduct in violation of the terms of such agreement and of company policies.”
“As a result of his termination for cause, Mr. Neugebauer was automatically removed from the company’s board of directors,” according to the filing.
Following Neugebauer’s removal as CEO, Fermi previously said he would remain with the company as a board member. In an April 21 letter, Neugebauer, who is also the co-founder of Fermi, called for the sale of the company.
“Mr. Neugebauer, who was notified by the board on Friday that he was removed as CEO without cause, ultimately cares about making money for all shareholders more than finishing what he and his team started, and is therefore calling on the Fermi board to conduct an immediate process, led by an independent investment bank, for the sale of the company to a third party,” according to the April letter.
Fortune reported last week that the letter caused a rift between Neugebauer and the Fermi board on whether the company should be sold.
Neugebauer told a local Texas news outlet April 30 that despite his departure from the company he still remains a stockholder in Fermi and believes that Project Matador near Amarillo, Texas, which is under construction, “will be the most significant thing ever for the Texas Panhandle.”
Fermi, co-founded by both Neugebauer and former Texas Gov. Rick Perry (R), unveiled ambitious plans, now named Project Matador, in June 2025 to collaborate with Texas Tech University to build a massive campus of data centers powered by 11,000 megawatts of natural gas, nuclear, solar and wind energy sources.
Additionally, the company partnered with Westinghouse in August 2025 to deploy four AP1000 reactors for its campus.