Rick Perry loses reelection to Fermi Board

Rick Perry, former Texas Governor and Co-Founder of Fermi, has failed to secure reelection to the company’s Board of Directors, according to a shareholder meeting obtained by The Texas Tribune.

Fermi, which is developing Project Matador, a planned large-scale power generation and data centre campus in Amarillo, Texas, has faced a series of challenges, including an ownership dispute, leadership changes and difficulties securing major tenants.

Perry, who served as US energy secretary during President Donald Trump’s first administration, co-founded Fermi with Toby Neugebauer. Another director, Jeffrey S. Stein, also failed to secure the required approval for reelection.

Both Directors received a majority of votes cast by shareholders but failed to meet the company’s bylaw requirement of securing approval from a majority of all outstanding shares. The company attributed the outcome to an alleged breach of contractual voting obligations by Neugebauer, who was required under a founders’ agreement to support Perry’s reelection.

However, Neugebauer denied campaigning for Perry’s removal and had previously criticised the company’s leadership over its decision not to pursue a potential sale. He was removed as CEO in April following disagreements with the company’s leadership.

Despite the voting outcome, Fermi said Perry and Stein would remain on the Board until their successors are duly elected and that both remain eligible for reelection.