# MTY Names Victor E. Mandel CEO as Foodtastic Makes a $43-a-Share Proposal

By Sonny Jang

Canonical URL: https://www.tokenpost.com/news/people/47826
Published: 2026-11-03T16:19:05.000Z
Updated: 2026-11-03T16:19:05.000Z
Section: People

> Eric Lefebvre’s departure and board resignation were mutually agreed, and Mandel will leave his MTY committee roles. Foodtastic made its proposal public 90 minutes after MTY announced the appointment.

MTY Food Group Inc. named director Victor E. Mandel its CEO effective immediately Nov. 3, replacing outgoing CEO Eric Lefebvre, as Foodtastic separately made public a nonbinding $43-per-share cash proposal for MTY.

Lefebvre’s departure and resignation from the board were mutually agreed. No specific reason was given for the leadership change. Mandel will also leave his board committee roles; he chaired the audit committee and served on the Compensation, Nomination and Governance Committee.

Mandel previously held chairman, chief financial officer and director positions at public companies. He also served as a vice president in Goldman Sachs’ Investment Research Department. His education includes an MBA in Finance from Wharton and an undergraduate degree in Computer Science from Harvard.

“Our focus is on executing our asset-light value creation strategies to drive profitability, pursue growth opportunities and generate strong free cash flow,” Mandel said.

MTY operates or franchises more than 80 restaurant banners and has 6,966 locations worldwide.

Foodtastic made its proposal public at 8:30 a.m. ET (13:30 UTC) Nov. 3, 90 minutes after MTY’s 7 a.m. ET (12:00 UTC) appointment announcement. The proposal covers all outstanding MTY shares at $43 per share in cash and is nonbinding.

Foodtastic first submitted the proposal Oct. 15 and reiterated it Oct. 20. Foodtastic said MTY’s board declined to engage with the proposal on Oct. 30. The leadership announcement did not address the proposal.

Peter Mammas, Foodtastic’s president and CEO, described MTY as a company with strong opportunities that had not reached its full potential in recent years. The proposal and the leadership announcement do not establish an accepted offer or a definitive transaction agreement.