Millbrook businessman and band councillor Bob Gloade is up against Paul for the chief job. (CBC)

Lawrence Paul lost Thursday's election in Millbrook First Nation, N.S., ending his 28-year run as chief.

Paul told CBC News he was "very disappointed" by Thursday night's band election.

He was defeated by Coun. Robert Gloade, who received 433 votes to Paul's 266. Gloade runs a fuel company on the prosperous reserve.

Paul had been elected for 14 straight two-year terms in the Mi'kmaq community of 1,345 people.

The 77-year-old Paul was hoping to continue as chief while two projects are completed over the next two years, a water park and a wind farm.

He also spearheaded for a new racino.  Gloade, who will officially take over as chief on March 6, doesn't support the racino plan.

Before the election, Gloade spoke about his plans for the community near Truro.

"My own focus has been on helping the reserve and helping the community to develop and prosper over the last few years and that will continue to be my focus going forward," said Gloade.

Millbrook runs the Truro Power Centre, a lucrative collection of hotels, cinemas, gas stations and other businesses on Millbrook land.

It also operates the Glooscap Heritage Centre and its large Glooscap statue overlooking Highway 102.