More than three months after replacing co-founder Toby Neugebauer, Fermi has appointed a new CEO. The company disclosed that independent board member Lee McIntire has taken on the role of CEO to advance its nuclear power initiatives for AI data centers.
The new CEO comes from the board of directors.
The company stated that McIntire previously served as CEO at the engineering firm CH2M Hill and at TerraPower, a nuclear energy startup founded by Bill Gates. He had previously served on Fermi’s board and is therefore familiar with the company’s recent business developments.
Fermi Chairman Marius Haas stated that the company’s next phase focuses on construction and power delivery, with the core mission of advancing the project on schedule, within budget, and under safe conditions.
The Texas campus targets AI data centers.
Fermi America, co-founded by former U.S. Secretary of Energy Rick Perry, is developing an AI campus called Project Matador in Amarillo, Texas. According to the company’s plans, the campus will eventually be powered by nuclear reactors to supply energy to its data centers.
This direction aligns with the rising electricity demand driven by the expansion of AI infrastructure. For Fermi, stable management and project execution capabilities have become key areas of external focus.
The first official customer drives a stock price rebound
This week, the company also disclosed that it has signed the first binding tenant lease for the Project Matador campus with TensorWave. Driven by this news and the appointment of the CEO, Fermi’s stock has risen nearly 23% since Monday.
In April this year, Fermi underwent senior leadership changes, with Neugebauer and CFO Miles Everson departing the company. The company previously referred to this round of adjustments, along with plans to establish a headquarters in Dallas, collectively as "Fermi 2.0."
Additional information: McIntire brings extensive experience in managing large-scale engineering and nuclear energy projects, indicating that Fermi’s current external focus has shifted from early-stage conceptual narratives to campus construction and power supply execution.