A shareholder dispute at Fermi America has raised questions about former Texas Gov. Rick Perry's future with the company behind a massive energy and data center project on Texas Tech University System land near Amarillo.
Fermi America issued a public statement Friday disputing a Texas Tribune report that Perry had been removed from the company's board of directors following its annual shareholder meeting.
The Tribune reported that Perry and fellow director Jeffrey Stein failed to win reelection to terms extending through 2029. Fermi acknowledges that the proposal failed but says both men remain on the board.
In a statement posted to its verified X account, Fermi said Perry and Stein received a majority of votes cast by shareholders, although neither received the required approval threshold. That is the company's account of the vote; final totals have not yet been independently confirmed.
Fermi attributed the failed election to what it believes was a breach of contractual voting obligations by shareholders associated with former company CEO Toby Neugebauer. That allegation has not been independently established.
The company says Perry and Stein remain directors until successors are duly elected and both are eligible for reelection. Its official website continued to list Perry among directors Friday.
Dispute Involving Company Founders
The board controversy is the latest development in a leadership struggle involving Perry and Neugebauer, who helped establish Fermi America. According to the Tribune, Neugebauer has criticized the company's direction and argued that leadership should consider selling the business rather than continuing its development strategy. Neugebauer told the Tribune he had not campaigned to remove Perry from the board.
Texas Tech Connection
The controversy matters to West Texas because Fermi's Project Matador is being developed on land leased from the Texas Tech University System near Amarillo. The proposed development combines data center operations with electricity generation intended to meet demand for artificial intelligence computing.
Despite the dispute, Fermi says it remains committed to Project Matador.
What Happens Next?
The Tribune reported that the meeting transcript did not include actual vote totals. A forthcoming Securities and Exchange Commission filing is expected to provide additional voting information, though questions about board tenure and alleged voting obligations may require separate resolution.
For now, Perry failed to secure reelection to a new term, but Fermi maintains he has not been removed from his current position.
