Fermi, the Texas-based AI power startup backed by former Gov. Rick Perry, is undergoing a rapid executive restructuring amid intensifying disputes over the company’s next moves. The board said Toby Neugebauer stepped down as CEO, while Miles Everson resigned as CFO and secretary, as Fermi launches a “2.0” reset to attract tenants for its Project Matador data-center campus in the Texas Panhandle. New leadership is also taking control of the sale conversation. In a separate dispute, Fermi’s current leadership said it is advising against a sale recommendation backed by Neugebauer, the fired CEO and company’s top shareholder. The company said it will review “all avenues to maximize shareholder value,” including strategic investments, joint ventures, or other transactions. Project Matador plans to build an 11-gigawatt power system—marketed as enough for millions of homes—on more than 5,000 acres largely owned through the Texas Tech University System, with land linked to U.S. energy leases. The situation matters to higher education stakeholders because the campus relies on institutional land relationships and could affect local research, workforce, and community planning tied to regional energy infrastructure. With Fermi’s market cap down sharply from its IPO-era peak, the leadership shake-up raises near-term questions about execution capacity, anchor tenant commitments, and governance stability as the company attempts to shift from startup hype to scaled enterprise operations.