Fermi Co-Founder Toby Neugebauer Sues Over Board Removal

Sat, 02 May 2026 13:00:00 +0200

Fermi, a Texas-based real estate investment trust (REIT) focused on developing massive power and data center campuses for AI needs, has ousted its co-founder and former CEO Toby Neugebauer from its board of directors for cause. The company announced the termination on April 17, 2026, leading to his automatic removal from the board, as disclosed in a U.S. Securities and Exchange Commission filing. Neugebauer, who co-founded the firm with former Texas Governor and U.S. Energy Secretary Rick Perry, responded swiftly by filing a lawsuit in Texas Business Court against Fermi and three board members. He alleges wrongful termination, claiming his initial CEO ouster was without cause and that the board's actions violated Texas law and company bylaws, which require shareholder approval for director dismissals. Neugebauer also accuses the board of misleading investors by initially describing his CEO departure as a voluntary exit, prompting incorrect media reports of a resignation. This leadershi