Fermi Says Former CEO Neugebauer Was Terminated for Cause (1)

Fermi Inc., the startup vying to develop the world’s largest private power campus to serve artificial intelligence, said its former chief executive officer was terminated for cause, triggering his removal from the board as well.

Fermi co-founder Toby Neugebauer was terminated from employment on April 30 because of “conduct in violation” of his employment agreement, and as such was automatically removed from the board of directors, the company said in a filing Thursday. The filing was an amendment to one submitted on April 17, when the company announced his departure and then later said the decision was made “in accordance ...