Fermi Wins Support of Major Shareholder Amid Fight With Ex-CEO

Former Fermi Inc. CEO Toby Neugebauer at the company's initial public offering in New York, last year.Photographer: Victor J. Blue/Bloomberg

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May 11, 2026 at 12:00 PM UTC

Fermi Inc. has won the backing of its second-largest shareholder as its former chief executive officer seeks a special meeting to seize control of the data-center developer’s board.

Caddis Capital, which owns a 9.3% stake, supports the ousting in April of former CEO Toby Neugebauer and opposes his push to appoint new directors and put the company up for sale, according to a statement reviewed by Bloomberg News.