AI nuclear power firm Fermi finally has a new CEO

Fermi, the AI-driven nuclear power firm, has appointed a new chief executive officer, more than three months after dismissing co-founder Toby Neugebauer from his top executive position. The company disclosed on Wednesday that it has hired Lee McIntire, an independent member of Fermi’s board. McIntire has previously held chief executive roles at CH2M Hill and TerraPower, a nuclear power startup founded by Bill Gates.

Fermi America, co-founded by former U.S. Energy Secretary Rick Perry, is constructing an AI campus in Amarillo, Texas, dubbed Project Matador. This campus is intended to utilize nuclear reactors to power data centers in the future. The announcement, coupled with Monday’s news of Fermi signing TensorWave as its first binding customer for the Project Matador campus, has provided a significant boost to the company's stock. The stock has surged nearly 23% since Monday.

Fermi faced a setback in April when Neugebauer and CFO Miles Everson were removed from the company. At that time, the firm described the executive changes, alongside other plans like establishing a corporate headquarters in Dallas, as Fermi 2.0. Marius Haas, Fermi’s chairman of the board, stated, "Fermi's next chapter is a construction and power delivery story, and we believe Lee is the ideal executive to lead Fermi through this process."

He elaborated, "The focus now is to complete the project on schedule, on budget, and safely. Lee has a 40-year track record of delivering large, complex projects, and he is familiar with Fermi, having served on our board throughout our most recent growth phase. He possesses an integrity reputation that Fermi’s customers, employees, regulators, and neighbors can depend on."