Fermi Inc. Appoints New C‑suite Officers; CFO, COO, CCO & General Counsel Named

What Happened
Fermi Inc. announced on July 20, 2026 (effective July 22, 2026) that its Board appointed George Wentz as General Counsel, Anna Bofa as Chief Commercial Officer, Jacobo Ortiz as Chief Operating Officer, and Rob Masson as Chief Financial Officer. Ms. Bofa and Mr. Ortiz will continue to serve as Co‑Chairs of the Interim Office of the CEO. The Board approved five‑year employment agreements and standard director/officer indemnification agreements for each officer.

Key Details

• Base salaries: $500,000 annually for Wentz, Bofa and Ortiz; $650,000 annually for Masson.
• Annual bonus opportunity: target = 100% of base salary; maximum = 200% of target.
• Severance on qualifying termination: 18 months of base salary + 1.5× target bonus, unpaid prior‑year bonus payment, and up to 18 months of subsidized COBRA; certain officers (Bofa, Masson) may get accelerated vesting of sign‑on equity.
• Long‑term incentive awards under the 2025 LTIP (30% RSUs / 70% PSUs): grant date values of $2,250,000 to Wentz; $3,000,000 to Bofa (prorated for 2026); $3,000,000 to Ortiz; $3,000,000 to Masson (prorated for 2026).
• One‑time sign‑on RSUs: Wentz 1,500,000 (vests on grant date); Bofa 2,000,000 (1% on grant, 49% @1yr, 25% @2yr, remainder @3yr; 1% subject to clawback if terminated <1yr); Masson 975,000 (cliff vests @1yr).
• Background: Wentz (age 68) is an experienced energy attorney, founder/CEO of MAD Energy and partner at Davillier Law Group.

Why It Matters
These appointments and five‑year employment contracts signal a major leadership restructuring and commit significant cash and equity compensation. For investors, that means potential near‑term dilution and ongoing stock‑based compensation expense from large LTIP and sign‑on awards, as well as potential cash outlays tied to severance obligations. The continued role of Bofa and Ortiz as co‑chairs of the Interim Office of the CEO indicates the company has not named a permanent CEO while it formalizes its executive team.