Wilmington businessman Charles A. “Chad” Paul III became the new CEO of Bald Head Island Limited, LLC on Monday. Bald Head Island Limited, LLC manages real estate development, sales and operations of the island’s restaurants and property management. The company has over 300 employees.

Over the past 25 years the company has been owned and operated by the George P. Mitchell Family. Paul will be the second CEO of the company, who is not related to the Mitchell family. In 2000, Ken Kirkman held the post of CEO and president for one year, according to a company spokeswoman.

The most recent president and CEO M. Kent Mitchell and executive vice president Mark D. Mitchell will transition to seats on the company’s board of directors. Paul will assume both of their leadership roles.

Paul has served in an advisory role to Bald Head Island Limited LLC and sat on the company’s executive committee. He is a managing partner of private equity investment firm, Harbor Island Partners LLC. He formerly worked for JP Morgan Chase, Salomon Brothers Inc. and Arnolt Partners LLC.

He holds a bachelor of arts degree in economics from Holy Cross and a masters degree from the Harvard University Graduate School of Business Administration. He serves on the board of directors for the University of North Carolina at Wilmington’s Cameron School of Business.