July 3, 2025
PORTSMOUTH, Va. — Fairlead, a leader in systems engineering, modular shipbuilding, advanced manufacturing and integrated defense infrastructure, today announced the promotion of Fred Pasquine to president and CEO, effective immediately. Pasquine succeeds Jerry Miller, who will transition to the role of executive chairman after 40 years of distinguished leadership at Fairlead and Earl Industries.
With over 18 years of experience in the maritime sector, Pasquine has served as president of Fairlead since 2017. He has overseen major strategic initiatives including the expansion of the company’s modular shipbuilding operation, submarine and unmanned surface vehicle power and control products, mission module programs, ship sustainment programs and breakbulk port operations.
“There’s never been a more important time to grow our company to support the U.S. Navy, and I’ve never worked with a better leader than Fred Pasquine to take on the CEO role,” Miller said. “His deep industry knowledge, commitment to our employees, dedication to our customers and vision will guide Fairlead into the future.”
Under Pasquine’s leadership, Fairlead has achieved significant milestones, including the launch of a modular shipbuilding business that has delivered more than 4,000 tons of aircraft carrier units and submarine modules, the development of over 30 power and control products for submarines and unmanned surface vehicles on programs of record, the expansion of ship repair and sustainment capabilities and the launch of breakbulk terminal operations at Fairwinds Landing. These efforts have contributed to a fourfold increase in company revenue over the past six years.
“It’s an honor and a professional dream to take on the role of president and CEO and continue building on the strong culture we’ve established,” said Pasquine. “The creation of the Office of Shipbuilding and the President’s Executive Order on Maritime Dominance underscore the nation’s commitment to revitalizing our naval industrial base. Together with our outstanding team of driven professionals, I look forward to advancing our mission of delivering readiness through increased capacity to the U.S. Navy and our naval allies around the world.”
Fairlead remains committed to its core values of Humbleness, Ownership, Learning, Dedication, Fairness, Accountability, Strength and Teamwork — HOLD FAST! The company will continue to play a vital role in expanding the capacity of defense maritime needs globally.
About Fairlead
Fairlead is a leader in systems engineering, shipbuilding, advanced manufacturing and integrated defense infrastructure. Headquartered in Portsmouth, Virginia, Fairlead delivers turnkey mechanical, electrical, and shipboard solutions to the U.S. Navy and critical defense partners. The company employs over 400 people and operates facilities across six locations.
Please direct any media inquiries to: Todd Babcock, VP of Business Development and Shared Services, tbabcock@fairlead.com, 757-536-4807
May 6, 2025
PORTSMOUTH, Va. — Fairlead, a Virginia-based leader in maritime engineering, ship repair and advanced manufacturing, has launched Fairlead Ventures, a Corporate Venture Capital (CVC) arm focused on strengthening the U.S. maritime industrial base through strategic investments in dual-use technologies, advanced materials and supply chain innovation.
The formation of Fairlead Ventures underscores Fairlead’s long-term commitment to revitalizing American shipbuilding capacity and securing domestic maritime supply chains. Aligned with national security and industrial policy priorities, Fairlead Ventures will partner with founders and startups delivering transformative capabilities in naval architecture, autonomy, propulsion systems, logistics optimization and digital shipyard technologies. The goal is to modernize infrastructure, shorten construction timelines and reassert U.S. leadership on the high seas.
“America’s maritime advantage is a national imperative,” said Fairlead Chair and CEO Jerry Miller. “With Fairlead Ventures, we are catalyzing the innovation ecosystem necessary to modernize our shipbuilding infrastructure, support the next generation of naval and commercial vessels and restore American maritime dominance for decades to come.”
Fairlead Ventures will focus on early- to growth-stage companies, especially those enhancing resilience in defense manufacturing, accelerating lead times in naval construction and enabling commercial viability of next-generation maritime platforms. Fairlead brings not only capital but also deep sector expertise, customer access and infrastructure to accelerate deployment and scale.
The launch comes at a pivotal moment as geopolitical tensions, constrained industrial capacity and global supply chain shifts highlight the urgency of revitalizing the U.S. maritime sector. Fairlead’s CVC initiative will act as a force multiplier for strategic public-private collaboration.
“Fairlead’s customers long have benefited from our innovations in power, controls and energy systems for naval combatants,” said Fairlead President Fred Pasquine. “Fairlead Ventures is more than just an investment platform — it’s our commitment to backing the entrepreneurs and technologies that will strengthen readiness, resilience and innovation across the U.S. Navy and Department of Defense.”
Fairlead Ventures plans to begin investing in the third quarter of 2025 and will prioritize technologies aligned with Department of Defense modernization goals, commercial maritime decarbonization and the revitalization of critical shipyard capabilities.
For investment and partnership opportunities, contact: James Blom, Corporate Development, jblom@fairlead.com