FRMI
Live News • 1h
Fermi Faces Boardroom Showdown as Former CEO Seeks Director Shakeup and Possible Sale Co‑founder and largest shareholder Toby Neugebauer is pushing for a Special Meeting on May 29, 2026 to replace Fermi’s board and pursue potential mergers and acquisitions.
Fermi’s current board has rejected his request, calling the proposed special meetings invalid and urging shareholders not to back his director slate.
The public dispute over control has added uncertainty for investors, alongside the company’s focus on its existing growth plans, including Project Matador.
For you as a shareholder or prospective investor, the key issue is governance. Neugebauer is arguing for a refreshed board and a formal process to consider transactions that could involve selling the company or combining with others. The existing board is taking the opposite stance, framing its decision to remove him as CEO as part of its fiduciary duty and emphasizing continuity in leadership and the current business plan, including Project Matador.
Until the May 29, 2026 special meeting question is resolved, you are likely to see continued headlines around this dispute. It can help to follow how each side explains its vision for Fermi, how independent directors respond, and whether any third‑party bidders or partners are mentioned in official communications. Paying attention to governance disclosures and upcoming shareholder materials may give you a clearer view of how aligned management, the board and large shareholders are with your own priorities. Announcement • 7h
Fermi Inc. Appoints Larry Kellerman as Class III Director, Effective as of May 4, 2026 Fermi Inc. announced the board of directors of the Company elected effective as of May 4, 2026, Mr. Larry Kellerman, the Chief Power Officer of the Company, to the Board to fill the vacancy created by Mr. Neugebauer's previously announced departure from the Board. Mr. Kellerman will serve as a Class III director of the Company, with an initial term expiring at the Company's 2028 annual meeting, or until his earlier resignation, death or removal. Larry Kellerman brings over 40 years of transformative leadership in the electric power and utility sectors. He is the co-founder and Managing Partner of Twenty First Century Utilities ("TFC"). Larry and TFC have advised Fermi on its power generation strategy and development since the company's inception, and Larry has served Fermi as Head of Power since that time. Previously, Larry served as CEO of Atlantic Power & Utilities, CEO of Quantum Utility Generation, and a Partner at Goldman Sachs, where he built a highly successful on balance sheet power generation business from scratch and acquired Cogentrix Energy. Earlier in his career, Larry created and ran the North American power business for El Paso Corporation and was the founding President of Citizens Power. He started his career in the utility sector, serving as General Manager of Power Supply and Power Marketing for Portland General Electric after an initial tenure at Southern California Edison. Larry received a B.A. in Management from the University of California, Davis and an MBA in Finance from West Coast University, Los Angeles. Announcement • May 03
Fermi Inc. Appoints Robert L. Masson II as Interim Chief Financial Officer, Effective April 29, 2026 Fermi Inc. announced the appointment of Rob L. Masson II as Interim Chief Financial Officer (CFO), effective April 29, 2026. Masson brings over two decades of experience in financial leadership and capital strategy, having served as CFO at a number of public and private companies. Masson brings a track record of transformational finance leadership across multiple industries including government contracting, technology and business services. He most recently served as CFO of Noble Supply & Logistics, LLC, where he drove double-digit growth during his tenure. Masson previously served as CFO & Treasurer at Latham Group Inc., and as EVP, CFO at Hypertherm Inc. Previously, he served as Vice President Finance at Flowserve Corporation and held multiple roles from 2003 to 2016 at Raytheon Technologies, including, most recently, as CFO of Intelligence, Surveillance & Reconnaissance Systems (ISRS). From 1992 to 2001, Masson served in the United States Navy as a Lieutenant and Naval Aviator. He holds a Master of Business Administration from Harvard Business School as well as a Bachelor of Science in Economics from the US Naval Academy. Masson currently serves on the Boards of Directors of Intuitive Machines Inc., and Tech-Etch Inc. Robert L. Masson, age 55, brings over 20 years of experience as a finance executive in the aerospace, defense, and industrial sectors. Mr. Masson was the Chief Financial Officer of Noble Supply and Logistics, LLC ("Noble") from 2023 through 2025. Before joining Noble, he served as Chief Financial Officer of Latham Group Inc. from 2022 to 2023. Mr. Masson also served as Executive Vice President and Chief Financial Officer of Hypertherm Inc. from 2018 through 2022, where he oversaw the company's global financial, information technology, and legal operations. From 2016-2018, Mr. Masson was Vice President of Finance at Flowserve, where he led the company's operational finance, operational accounting, and corporate financial planning and analysis teams.