-- Fermi (FRMI) said Monday that it has named lead independent board director Marius Haas as chairman, effective immediately.
The company also said that Chief Executive and co-founder Toby Neugebauer has stepped down but remains a member of the board.
During the transition, a new office of the CEO composed of several people will serve as an operational leadership team, the company said.
Fermi said its board has initiated a formal search process for its next CEO.
The company added that it is in negotiations with a candidate to serve as interim Chief Financial Officer after the resignation of Miles Everson, who will remain as a board director.
Shares of the company were down more than 20% in recent premarket trading Monday.
Price: $5.19, Change: $-1.36, Percent Change: -20.76%