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AI nuclear power firm Fermi finally has a new CEO
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Fermi, the AI nuclear power company, has finally found a new chief executive more than three months after ousting co-founder Toby Neugebauer from the top post. The firm announced Wednesday that Lee McIntire, an independent board member, will take the helm. McIntire previously served as CEO of CH2M Hill and TerraPower, the nuclear startup founded by Bill Gates. His appointment marks a critical step for the young company as it pivots toward large-scale construction.
Fermi, co-founded by former U.S. Energy Secretary Rick Perry, is developing Project Matador, an AI campus in Amarillo, Texas, that will eventually use nuclear reactors to power data centers. The company has faced turbulence since April, when Neugebauer and CFO Miles Everson were pushed out during what Fermi called “Fermi 2.0,” a broader reorganization that also included plans for a Dallas headquarters. The leadership vacuum raised questions about the company’s direction and ability to secure customers.
The new CEO announcement, combined with Monday’s news that TensorWave had signed a binding lease as the first customer for Project Matador, gave a welcome boost to Fermi’s stock, which has climbed nearly 23% since Monday. These developments signal renewed momentum for a firm that had stumbled after its executive shakeup. Investors appear reassured that Fermi now has a concrete customer commitment and a seasoned leader to guide delivery.
McIntire’s background is squarely in heavy engineering and nuclear energy. His 40-year career includes overseeing complex projects at CH2M Hill and leading TerraPower, giving him direct experience with the kind of mega-scale infrastructure Fermi needs to build. His insider knowledge, having served on Fermi’s board during its recent growth, may ease the transition. The company’s chairman, Marius Haas, expressed confidence that McIntire can deliver “on schedule, on budget, and safely.”
Haas framed Fermi’s next chapter as “a construction and power delivery story,” explicitly connecting McIntire’s hiring to the firm’s shift from startup experimentation to execution. The company now faces the challenge of actually building its AI campus and integrating nuclear power sources, a notoriously difficult regulatory and logistical task. With a binding lease in hand, Fermi must prove it can meet the energy demands of data centers reliably and affordably.
Looking ahead, Fermi’s ability to attract additional customers and secure regulatory approvals will be decisive. The nuclear-plus-AI niche is crowded, with competitors like Oklo and NuScale vying for similar partnerships. McIntire’s reputation for integrity, as praised by Haas, may help foster trust with regulators and neighbors in Amarillo. For now, the pick provides a sense of stability, but the real test will be whether Fermi can turn ambitious plans into working reactors and profitable data centers.
