Former Texas Gov. Rick Perry lost his bid for reelection to the board of directors of Fermi, a planned power and data center company he co-founded, according to a transcript of a Friday annual meeting vote obtained by The Texas Tribune. Fermi aims to become one of the largest data center and power generation campuses in the U.S.
Fermi's stock has fallen by more than 90% from its peak price, the Tribune reported, after a turbulent ownership battle and a search for a major tenant. Former CEO Toby Neugebauer, who was removed for cause in April, said on a shareholder call that Perry did not receive enough votes to keep his seat. He said he did not campaign to have Perry removed. Neugebauer also said company leadership, including Perry, should be blamed for refusing a sale he believed would have been better for shareholders.
The Tribune could not immediately reach Perry for comment. Fermi did not immediately respond to questions. Larry Kellerman is the only co-founder who remains on the board. A proposal to extend the terms of Perry and director Jeffrey S. Stein to the 2029 annual meeting, which the board endorsed, also failed. According to the Tribune, Perry holds less than 5% of company shares, about 16 million, worth roughly $41 million at current prices.