Mr Carter built a successful career in newspapers in the UK before joining the Guiton Group in 2000 as advertising director of the Jersey Evening Post and deputy managing director of the Guernsey Press.
He was appointed managing director in Guernsey in January 2005.
The Wolverhampton Express and Star is part of the Claverley Group which in 2003 acquired the Guiton Group including the Jersey Evening Post and the Guernsey Press.
Jerry Ramsden, managing director of the Jersey Evening Post, said: ‘Paul has contributed greatly to the commercial success of both the Guernsey Press and the Jersey Evening Post.
As managing director in Guernsey he will be long remembered for his leadership during the time of the successful new building project.
Mr Carter will take up his new post from the beginning of April.