#USA #Dallas #Project Matador #Fermi Inc. #Toby Neugebauer

Toby Neugebauer, Co-Founder of Fermi Inc. Sets the Record Straight

On May 20, 2026, Toby Neugebauer, co-founder and largest shareholder of Fermi Inc., publicly responded to recent allegations from the company's board, which claimed that his leadership had harmed relationships with commercial counterparties. Neugebauer vehemently rebutted these assertions, highlighting that his primary focus has always been the fiduciary duty to protect shareholder interests.

Neugebauer remarked, "While a small segment of the board might take satisfaction in their attempts to tarnish my reputation publicly, they have failed to serve the Company or its shareholders effectively." According to him, the board's framing of his efforts to prevent contractors from overbilling as damaging to relationships is a gross misrepresentation of his intent. He emphasized that halting overbilling practices was crucial in safeguarding financial resources, arguing that these contractors, unhappy with his oversight, were not the real victims of his actions.

The Context Behind the Claims

Fermi's board recently claimed that Neugebauer's actions had led to threats from counterparties to terminate agreements, a situation they labeled as 'strained relationships.' However, Neugebauer provided critical context, asserting that these strained ties were a direct consequence of him exposing and ceasing systemic overcharges by contractors.

In December 2025, Neugebauer, alongside Fermi’s CFO Miles Everson, initiated a comprehensive audit of all third-party contracts. This step was part of a proactive strategy to ensure financial health and accountability at Fermi. Neugebauer committed to a rigorous schedule, waking each morning at 3 a.m. to compare contractor invoices against actual worksite attendance, thus ensuring every dollar spent was justified.

As a result of these measures, Neugebauer claims to have saved the company millions. He instituted daily budget meetings to reinforce fiscal discipline among company leaders, ensuring that every expense was scrutinized to protect the company's liquidity. His actions, aimed at stabilizing finances in a turbulent data center industry riddled with inflated budgets and stalled projects, were painted by the board as overly aggressive, yet Neugebauer insists these were necessary reforms.

Shifting Perspectives on Employee Loyalty

Contrary to the board's narrative of disruption, evidence points to a retention level that reflects the loyalty of Fermi's employees during Neugebauer's tenure. Remarkably, not one employee resigned while he served as CEO, suggesting stability and confidence in his leadership. This changed abruptly after his removal; within mere weeks, seven critical executives resigned, which sent ripples of concern throughout the organization.

Angela Breuers, Neugebauer’s Chief of Staff, noted, "Toby's no-nonsense approach is what drives loyalty from his team. He is a demanding leader, but that's what empowers his employees to achieve extraordinary results. People want to be part of a team that is focused on excellence."

A Call for Focused Leadership

Despite the turmoil, Neugebauer remains optimistic about Fermi's future, especially concerning the ongoing Project Matador. He has been in contact with various stakeholders, urging them to advocate continuity and stability for the company. His primary concern remains the interests of Fermi's shareholders, those who have stood by the company since its inception.

Neugebauer, along with his affiliates, plans to file a definitive proxy statement to gather support for a special meeting aimed at addressing current leadership issues, emphasizing the importance of clarity and focus on shareholder value. He encourages all shareholders to carefully review the upcoming materials detailing these developments.

In conclusion, Neugebauer has made it evident that his commitment to shareholder protection is paramount. His allegations against the board serve as a reminder of the delicate balance of interests in corporate governance, accentuating the need for responsible leadership motivated by the welfare of the shareholders above all else.