The Amarillo Pioneer

Amarillo's only free online newspaper. Established in 2016, we work to bring you local news that is unbiased and honest.

 

Fermi CEO Resigns

Neugebauer/Photo via Fermi America

The CEO of AI company Fermi has left the company, according to documents filed with the Securities and Exchange Commission.

According to the documents, Toby Neugebauer left the company on April 17th. He will temporarily be replaced by CCO Jacobo Ortiz and board observer Anna Bofa.

Fermi is the company behind Project Matador, a large-scale artificial intelligence hub being constructed northeast of Amarillo. The project has the backing of President Donald Trump, Congressman Ronny Jackson, and former Governor Rick Perry. However, it has also received local bipartisan criticism with many expressing concerns over environmental impacts.

As markets closed today, Fermi’s stock (FRMI) was trading at $6.55, down from a high of nearly $30. As of writing, after-hours trading had the price down to just over $5, which is barely above its historic low of $4.47 from earlier this month.

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