Fermi Inc. (NASDAQ: FRMI) announced that Rob L. Masson II will serve as interim Chief Financial Officer, effective April 29, 2026. The appointment follows the departure of co‑founder and CEO Toby Neugebauer on April 17 and the resignation of former CFO Miles Everson, creating a leadership vacuum that the board seeks to fill while it searches for a permanent replacement.
Masson brings more than twenty years of financial leadership, having held CFO roles at Noble Supply & Logistics, Hypertherm, and Latham Group. His track record of managing capital structure, treasury, and investor relations is viewed as a strong fit for Fermi’s need to secure the $70‑$90 billion financing required for its 11‑gigawatt Project Matador data‑center and power‑generation campus.
Fermi’s financial position is under significant strain. The company is burning cash at a rate that has produced a negative free cash flow of $603 million, and it has yet to generate revenue or secure signed tenants for Project Matador. These factors have heightened investor concern and prompted analysts to cut their price targets, citing execution risk and capital needs.
Project Matador, a 17‑gigawatt private electric grid and data‑center campus in Texas, is the company’s flagship initiative. The project has secured several financing facilities—$700 million from MUFG, $200 million from Keystone National Group and Cape Commercial Finance, and $156.25 million from Yorkville Advisors—but the full $70‑$90 billion requirement remains unmet. Construction has begun, but the project is still awaiting final environmental permits and has experienced pauses and layoffs as it waits for regulatory approvals.
The CFO appointment is part of a broader effort to stabilize governance and reassure investors amid a period of leadership turnover and financial uncertainty. Analysts have noted that the interim CFO’s experience in capital markets could help navigate the complex financing landscape required to bring Project Matador to fruition.
Marius Haas, Chairman of the Board, said, "Rob's impressive track record driving growth and enterprise value across multiple industries makes him the right match for Fermi as we continue to scale our company and cultivate strategic investors to drive Project Matador's continued success."
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