Toby Neugebauer Proposes Leadership Overhaul at Fermi 3.0

Neugebauer’s open letter, released June 16, 2026, frames the current boardroom struggle as a threat to the company’s future. He contends that the board’s recent implementation of a supermajority veto power has alienated potential institutional investors and hyperscale customers. According to the founder, the company’s current direction has led to the departure of nine key senior executives and a stagnation in critical contract negotiations.

The proposal to bring in Sellers, co-CEO of Double Eagle Energy III, represents a pragmatic shift for Neugebauer, who previously clashed with Sellers’ business partner, Cody Campbell. Neugebauer suggests that Campbell could maintain his fiduciary role as Chairman of the Texas Tech University System while Sellers leads Fermi. He insists that this transition is essential to stabilize the firm, which he claims is currently undervalued and failing to execute on the operational improvements established during the transition to what he calls 'Fermi 2.0.'

Beyond leadership changes, Neugebauer continues to push for a special meeting of shareholders to seat a new, independent board. He asserts that the current committee, led by Marius Haas and George Wentz, prioritizes self-preservation over shareholder interests. With the company’s infrastructure project in the Texas Panhandle requiring significant capital, Neugebauer warns that the current internal instability risks stalling the momentum required to complete the firm's ambitious energy goals.