Loyalty plan operator Aimia named Jeremy Rabe as its new president and CEO on Tuesday, effective immediately.

Rabe replaces David Johnston, who abruptly announced last month he would be leaving the company.

"Aimia has tremendous businesses around the world that provide a great foundation for value creation together with our partners, members, employees and other stakeholders," Rabe said in a release. "I am excited about the opportunities ahead and honoured to be appointed to lead the company through the next phase of its evolution."

Most recently, Rabe was an operating partner with private equity firm Advent International. He was also founding CEO of Premier Loyalty & Marketing and sat on its board of directors. Rabe also previously ran Mexican loyalty program Club Premier.      

"The board of directors is pleased to have found such a top notch executive and loyalty expert to take the helm of Aimia and continue to shape the future of the business at this transformative time," said Robert E. Brown, chairman of Aimia’s board of directors, in a release. "We are thrilled that a candidate of Jeremy's calibre became available to us so quickly, allowing for a smooth transition in this critical role."

The company’s stock has suffered since last May, when Air Canada announced it would not renew its Aeroplan travel rewards partnership with Aimia come 2020.