Locke Replaces Posner at Rewards Network

Loyalty marketing firm Rewards Network named Christopher Locke senior VP-CFO.

Locke replaced Kenneth Posner, who resigned from Chicago-based Rewards Network earlier this month. Locke had been senior VP-business planning, analysis and assurance since joining the company in May; before that, he was CFO of WS Telecom Acquisition Corp.

Rewards Network runs loyalty and rewards programs for 10,259 restaurants via its flagship program, called Rewards Network, as well as dining programs tied to airline frequent-flier accounts and club memberships.

The company has had a tough year. Sales fell 18% to $218 million for the first nine months, ended Sept. 30. (Third-quarter sales fell 19% to $87 million.) Rewards Network blames a lower restaurant count as well as fewer and smaller transactions.