Rick Perry Fails to Win Reelection to Fermi Board
Shareholders voted against the board term extension for co-founder Rick Perry and director Jeffrey S. Stein.
Updated on Oct. 30, 2026 in Public Companies
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Fermi co-founder Rick Perry and director Jeffrey S. Stein lost their bids for reelection to the company board during the annual meeting. This outcome follows a period of financial instability for the business, which has seen its stock price fall more than 90% from its peak.
Why it matters
The board election defeat reflects significant investor dissatisfaction with leadership, occurring after the company removed CEO Toby Neugebauer in April 2026. With only one co-founder left on the board, the firm faces a major shift in corporate governance following these results.
Fermi stock has plunged over 90% from its peak price, while Rick Perry retains approximately 16 million shares valued at $41 million. Additionally, Griffin Perry holds a 10% ownership stake in the company via his 60 million shares.
The players
Rick Perry
He is a co-founder of Fermi who recently lost his bid for reelection to the company board.
Jeffrey S. Stein
He is a director who failed to secure reelection to the board of directors alongside Rick Perry.
Toby Neugebauer
He served as the CEO of Fermi until his removal from the position in April 2026.
Griffin Perry
He is a major shareholder in the company who owns approximately 60 million shares of Fermi.
Larry Kellerman
He is the only remaining co-founder currently serving on the Fermi board.
The details
Shareholders rejected a proposal to extend the board terms for both Perry and Stein until 2029 during the company's annual meeting. The firm, which maintains a 5,000-acre project site in Amarillo leased from the Texas Tech University System, previously announced TensorWave as a tenant in August 2026.
Timeline
Toby Neugebauer was removed as CEO in April 2026.
Fermi announced TensorWave as its first tenant in August 2026.
Rick Perry failed to win reelection to the board on Friday, October 24, 2026.
Fermi must file election results with the SEC within the next four business days.
Market Landscape
The board shakeup at Fermi follows a pattern of heightened shareholder activism seen in companies facing significant market value erosion. This transition marks a departure from the founding leadership team as the firm attempts to stabilize its position following the removal of its former CEO.
The loss of leadership on the board may signal potential shifts in company strategy regarding the Amarillo data center project. Investors and stakeholders should monitor upcoming SEC filings to understand how this management change impacts the firm's long-term business operations.
The takeaway
The removal of founding members from the board underscores the pressure companies face when share prices drop significantly. Investors often demand leadership changes as a mechanism to regain confidence and pivot corporate direction after extended periods of poor financial performance.
What happens next
Fermi must file a report containing the preliminary election results with the Securities and Exchange Commission within four business days of the Friday, October 24, 2026, meeting.
Further reading
For more information on the company's current status, visit the Public Companies section.
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