UNION, N.J. — Gustavo Arnal, chief financial officer of retail chain Bed Bath & Beyond, has died, the company confirmed Sunday.
The company said Arnal died on Friday.
According to the New York Police Department, Arnall died in what appears to be a suicide. He was found near his residence, 56 Leonard Street, a skyscraper known as the Jenga Building for its architectural design, and “appeared to be suffering from injuries indicative of a fall from a height,” police said in a statement.
Emergency medical personnel pronounced him dead at the scene, and the New York City Medical Examiner’s Office is working to determine how he died, the statement said. The New York Post previously reported Arnall’s death.
Arnall joined Bed Bath & Beyond as its chief financial officer in May 2020 as part of an executive shakeup led by then-CEO Mark Tritton, who left in June. Arnall previously served as CFO of Avon and held senior positions at Walgreens Boots Alliance and at Procter & Gamble, where he spent more than 20 years of his career.
“Gustavo will be remembered by everyone he worked with for his leadership, talent and management of our company.” I was proud to have been his colleague, and he will be truly missed by all of us at Bed Bath & Beyond and by all who had the pleasure of knowing him,” Harriet Edelman, the company’s independent chairman, said in a statement Sunday.
Bed Bath & Beyond has faced turbulence of late: Its stock soared from $5.77 to $23.08 in just over two weeks in August, in a trade reminiscent of last year’s meme craze, when out-of-favor companies suddenly became the darlings of investors with smaller pockets. On Wednesday, the company said it would close stores and lay off workers in an effort to turn around its beleaguered business.
The Union, N.J.-based home goods retailer said it will close about 150 of its namesake stores and cut its workforce by 20%.
Arnall sold roughly 55,000 shares of Bed Bath & Beyond on Aug. 16 and 17 as part of a trading plan he signed off on in April. In August, Bed Bath & Beyond disclosed in a regulatory filing that Arnal and the retailer were being sued by certain shareholders. The retailer said it was in the “early stages of evaluating the complaint” but based on its current understanding “believes the allegations are without merit”.
The New York Times News Service contributed to this report.