The CFO of Bed Bath & Beyond died only days after the firm announced huge closures and layoffs
According to the New York medical examiner’s office, Bed Bath & Beyond executive died by apparent suicide after falling from the downtown Manhattan luxury tower where he resided.
Gustavo Arnal, 52, the company’s chief financial officer, died of severe blunt trauma injuries and committed suicide, according to a statement released by the medical examiner’s office on Sunday night.
According to The Associated Press, Arnal’s death was reported days after the retail chain announced it would close approximately 150 of its more than 700 namesake stores and lay off approximately 20 percent of its 32,000 employees after its stock dropped more than 21 percent last Wednesday and 65 percent in the past year.
Arnal was declared dead after emergency medical professionals discovered him at 12:30 p.m. on Friday near the intersection of Leonard Street and West Broadway, authorities said NBC News, adding that he “looked to have suffered injuries suggestive with a fall from a high position.”
According to a statement released on Sunday by the business, “the whole Bed Bath & Beyond Inc. group is deeply devastated by this tragic loss.”
Mr. Arnal was essential in navigating Bed Bath & Beyond Inc. though the coronavirus epidemic, restructuring the company’s financial structure, and developing a strong and skilled team, according to the statement. Additionally, he was a respected member of the financial world.
Harriet Edelman, the independent chair of the business’s board of directors, said that Arnaldo “Everyone he worked with will remember his leadership, skill, and care of our company.
“”I am honored to have been his coworker, and he will be deeply missed by all of us at Bed Bath & Beyond and by everyone who had the pleasure of knowing him,” she added, adding that the company’s priority is to assist Arnal’s family.
According to the police, Arnal lived at 56 Leonard Street. The 60-story structure is dubbed the “Jenga Building” because its apartments are misaligned, giving it the look of the block-stacking game.
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According to the Real Deal, a penthouse in the building sold for $50 million in 2012, and inhabitants include the musician Frank Ocean and the actor Keegan Michael-Key.
The building administration did not immediately respond to NBC News’ request for comment.
According to his biography on the Bed Bath & Beyond website and his LinkedIn page, Arnal previously held executive positions at Avon, Walgreens, and Procter & Gamble. He also holds a bachelor’s degree in mechanical engineering from the Universidad Simon Bolivar and a master’s degree in finance from the Universidad Metropolitana, both in Caracas, Venezuela.
According to InsideTrades.com, Arnal earned $2.9 million as CFO of Bed Bath & Beyond in 2012, including $775,000 in salary and the remainder in stock awards.
According to the website MarketBeat, he sold more than 42,500 shares of business stock for more than a million dollars last month.
A month ago, a powerful investor sold all of his almost 7.8 million shares of Bed Bath & Beyond, causing the stock to take a significant knock. According to the Associated Press, the corporation is currently looking for a new chief executive officer after previous CEO Mark Tritton was fired in June after less than three years on the job.
