Fermi’s co-founder and CEO Toby Neugebauer, along with CFO Miles Everson, have unexpectedly left the AI nuclear energy company, causing a 22% drop in share prices on Monday.

The firm announced that Neugebauer has resigned from his position as chairman but will continue to serve on the board. Marius Haas, the Lead Independent Board Director, has taken over as chairman, as stated by the company on Monday. Everson has been appointed as a board member due to the exercise of director designation rights by the Melissa A. Neugebauer 2020 Trust.

Founded by former U.S. Energy Secretary Rick Perry, Fermi is working on an AI campus in Amarillo, Texas, intended to utilize nuclear reactors for powering data centers. This initiative, referred to as Project Matador, has faced challenges in recent months, including issues with a primary customer, according to Bloomberg.

The company framed these leadership changes, along with other developments such as a corporate headquarters in Dallas, as part of Fermi 2.0 to reassure investors about ongoing advancements in its project.