Fermi appoints Lee McIntire as CEO following executive shakeup and TensorWave lease
Lee McIntire, an independent board member with a background in large-scale infrastructure projects, succeeds co-founder Toby Neugebauer. The appointment coincides with a binding lease agreement with TensorWave for the company’s Project Matador campus.
Fermi, an artificial intelligence and nuclear power development firm, has appointed Lee McIntire as its new chief executive officer. McIntire, who currently serves as an independent member of the company’s board, succeeds co-founder Toby Neugebauer, who was removed from the role more than three months ago.
The leadership change follows a significant executive restructuring in April, described by the company as "Fermi 2.0," which saw the departure of Neugebauer alongside former chief financial officer Miles Everson. The company also announced plans to establish a corporate headquarters in Dallas during that period.
McIntire brings extensive experience in complex infrastructure management to the role. He previously held chief executive positions at CH2M Hill and TerraPower, a nuclear power startup founded by Bill Gates. Marius Haas, Fermi’s chairman of the board, stated that the company is pivoting its narrative toward a "construction and power delivery story," citing McIntire’s 40-year track record in delivering large-scale projects as a key factor in the appointment.
The executive appointment comes shortly after Fermi announced a binding customer lease with TensorWave for its Project Matador campus in Amarillo, Texas. The facility is designed to use nuclear reactors to power data centres supporting artificial intelligence operations. The news of the lease, combined with the leadership update, has contributed to a 23 per cent rise in Fermi’s stock price since the announcement earlier in the week.
Fermi America, which was co-founded by former U.S. Energy Secretary Rick Perry, continues to develop the Project Matador site. While specific financial terms of the TensorWave lease remain undisclosed, the company emphasised that the immediate priority is to build the facility on schedule, on budget, and safely. Haas noted that McIntire’s internal knowledge of the company and reputation for integrity are intended to reassure customers, employees, regulators, and local communities.
