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Economy

AI nuclear power firm Fermi finally has a new CEO

Lee McIntire, an independent member of Fermi's board, has been hired as CEO, more than three months since the company fired co-founder Toby Neugebauer from the top post.

Source: TechCrunch · August 13, 2026 at 9:12 AM · AI-assisted report

KUALA LUMPUR, 13 AUGUST 2026 —

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KUALA LUMPUR — AI nuclear power firm Fermi has appointed independent board member Lee McIntire as its new chief executive officer, more than three months after firing co-founder Toby Neugebauer from the top executive post. McIntire brings extensive industry leadership, having previously served as chief executive at engineering company CH2M Hill and TerraPower, the nuclear energy startup founded by Bill Gates.

Market Impact

Details regarding any direct impact on the Malaysian market or local exchange listings are not yet available. However, regional market observers closely monitor developments in global AI infrastructure and specialized nuclear energy firms as demand for high-capacity power solutions to support data center expansions grows worldwide.

Fermi, which was co-founded by former U.S. Energy Secretary Rick Perry, is developing an AI campus in Amarillo, Texas, known as Project Matador, which will eventually use nuclear reactors to power data centers. The executive appointment follows news on Monday that Fermi signed TensorWave as its first binding customer lease for the Amarillo project.

The consecutive announcements provided a boost to Fermi’s stock, which has climbed nearly 23 percent since Monday, recovering from a hit in April when Neugebauer and chief financial officer Miles Everson were pushed out during a restructuring dubbed "Fermi 2.0."

Moving forward, Fermi is entering an operational phase focused on project delivery and facility construction. Marius Haas, chairman of Fermi’s board of directors, noted in a statement that the company's next chapter is a construction and power delivery story, adding that McIntire’s 40 years of experience in managing complex projects will ensure the firm builds on schedule, on budget, and safely.

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Reporting based on TechCrunch. Figures and claims are subject to revision as the story develops. DomainFork publishes editorial context, not investment advice — see our editorial standards.