Adelaide-based premium funder Principal Finance has appointed Daniel Gronert as CEO, replacing co-founder David Palyga.

Mr Gronert, who began his new role on January 17, is Principal’s former business development manager for Queensland.

He joined the group in April 2011 after seven years in the UK, where he held business development positions with companies including independent finance and insurance brokerage First Union Finance.

Mr Palyga, who co-founded the company in 1985 and was MD for 18 years, will take up a part-time role in the company.

“I am not retiring completely,” he told insuranceNEWS.com.au. “I am moving back into a part-time role where my focus will be on the integrity and compliance side, along with a few other things the board has appointed me to do.”