Bed Bath and Beyond CFO dies in fall after store closures announcement
Chief Financial Officer of Bed Bath & Beyond Gustavo Arnal died on Friday. The top executive leaped from a luxury skyscraper in downtown Manhattan. In 2020, the company hired him to help fix the business.
During the pandemic crisis, the giant home goods retailer needed to improve its offerings and promos to meet the customers’ demands amid the pandemic-hit economy. Mr.Arnal worked as CFO at Avon previously. He was also in senior positions at Walgreens Boots Alliance and Procter & Gamble. He spent more than 20 years of his career at the latter.
According to New York’s medical examiner, his death was ruled out as suicide. His body was found near his residence in a majestic skyscraper, the Jenga building. It was popular because of its architectural design.
Bed Bath & Beyond's CFO, who leaped to his death, was accused of a pump and dump scheme to inflate the company's stock value pic.twitter.com/mwlkxAQ5Vp
— No Jumper (@nojumper) September 4, 2022
The New York Police Department said that he “appeared to suffer from injuries indicative from a fall from an elevated position.” Emergency medical responders announced him dead on the site at 12:30 p.m. The New York Post reported this earlier.
CFO Gustavo Arnal, 52 years old, died days after Bed Bath & Beyond announced it would close nearly 150 stores. It’s also planning to lay off 20 percent of its employees, which are 32,000. In addition, the company said that the store closings would affect even the retail associate jobs.
On Wednesday, Mr.Arnal met with investors. He gave them uncompromising news about the company’s finances. He also informed them about the effect of the business’ recent turnaround efforts. Although he was just new at Bed Bath & Beyond for two years, Mr.Arnal displayed an outlook of continuity in the business’ ranks. This is considering that top executive such as the chief executive, chief stores officer, and chief operating officer.
Bed Bath & Beyond Battles
Bed Bath & Beyond has been undergoing financial struggles over recent years. While it tried to build up its operations and supply chain immensely, the pandemic and two activist investors added to the retailers’ pressures.
JUST IN: Bed Bath & Beyond CFO dies after jumping from high rise apartment pic.twitter.com/lw7OVrESR6
— RapTV (@Rap) September 4, 2022
Furthermore, Mr. Arnal sold 55,000 company stocks on Aug. 16 and 17. The deal was part of the trading plan he had signed in April. Bed Bath & Beyond disclosed the information in a regulatory filing in August. It also confirmed that some shareholders are suing the retailer. It claimed it was still “in the early stages of evaluating the complaint. They also believe the claims are without merit.”
On Sunday, the retailer released a statement expressing its condolences. “This shocking loss profoundly saddens the entire Bed Bath & Beyond Inc. organization. At Bed Bath & Beyond, Mr. Arnal was instrumental in guiding the organization throughout the coronavirus pandemic, transforming the company’s financial foundation, and building a strong and talented team. He was also an esteemed colleague in the financial community.”
