Fermi announces ‘Fermi 2.0’ strategic evolution, establishes Office of the CEO

Fermi (FRMI) announced a series of strategic and leadership initiatives under a new phase of the company’s evolution as it continues to progress along its path to becoming a mature, established entity, well positioned for long-term, sustainable growth. The company intends to: Deepen its relationships with academic and community partners, including the Texas Tech University System; Enhance the experience and outcomes for its clients and tenants; Invest in talent, technology, and infrastructure from its new Dallas headquarters and Amarillo office. Fermi has announced that, effective immediately, Lead Independent Board Director Marius Haas has stepped into the role of Chairman of the Board. Fermi co-founder Toby Neugebauer has departed from his role as CEO, but he remains a member of the Board. In connection with this transition, Fermi is in negotiations with a candidate to serve as Interim CFO. The company looks forward to sharing details on its Interim CFO this week. Miles Everson has resigned as CFO and has been elected as a Board Director as a result of the exercise of director designation rights held by the Melissa A. Neugebauer 2020 Trust. Additionally, Jeffrey S. Stein has been elected to the Board of Directors. To ensure continuity and operational momentum during the CEO transition, Fermi’s Board has established a new Office of the CEO that will act as the Company’s interim operational leadership team. This office will be composed of Jacobo Ortiz Blanes, previously Chief Operating Officer, and Anna Bofa, previously a Board Advisor, each of whom has been appointed as a Co-President of the Company and share in the responsibilities previously held by Toby Neugebauer. In this capacity, Ortiz Blanes and Bofa will report to Board Chair Haas and collectively oversee day-to-day operations and execution of Fermi 2.0, while a search for a new CEO is underway. Fermi’s Board of Directors has initiated a formal search process for the Company’s next CEO and has engaged leading executive search firm Heidrick & Struggles. A committee composed of Haas and independent directors Lee McIntire and Cordel Robbin-Coker will work in conjunction with Heidrick to identify and recommend CEO candidates who can drive Fermi 2.0 forward and build on the legacy established by its founders. As part of Fermi 2.0, the Company will establish a new corporate headquarters in Dallas, Texas and will be building out a corporate office presence at its Project Matador site in Amarillo, Texas.