Bed Bath & Beyond executive dies after falling from skyscraper

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The financial director of financially troubled Bed Bath & Beyond died Friday after falling from a New York City skyscraper, police said.

Emergency medical workers at the scene confirmed the death of Gustavo Arnal, 52, after he fell from the 57-story skyscraper known as the “Jenga” tower, in the Tribeca neighborhood of New York.

The New York City Medical Examiner’s Office will determine the cause of death, NYPD said in a statement, and the investigation is continuing.

Bed Bath & Beyond’s board chair said the company was “deeply saddened” by Arnal’s death.

“All those he worked with will remember Gustavo for his leadership, his talent and his stewardship of our business. I am proud to have been his colleague, and he will be truly missed by Bed Bath & Beyond and all who had the pleasure of knowing him,” Harriet Edelman said in a statement. “Our goal is to support his family and team and our thoughts are with them during this sad and difficult time. Please join us in respecting the privacy of the family.

Meme Bed Bath & Beyond stock crashes over 40%

Arnal’s death comes amid economic turmoil for the channel and a recent lawsuit.

Last week, the Associated Press reported, the company announced it would close about 150 of its stores and cut its workforce by 20%, estimating the changes could save the company $250 million over of his exercise.

In August, its stock plunged more than 40% after a peak of 350% that month, the Washington Post reported, sparking a wave of investor excitement after billionaire Ryan Cohen took a large stake in the struggling retailer. Shares of the company went into freefall for days when Cohen signaled he would dump his shares. It closed Friday at $8.63, a 63% drop from its August high of $23.08.

Meme Bed Bath & Beyond stock crashes over 40%

A filing with the Securities and Exchange Commission confirmed that Cohen had sold his entire stake in Bed Bath & Beyond, earning more than $58 million, according to MarketWatch, after selling 7.78 million shares at prices weighted averages ranging from $18.68 to $29.22.

Arnal sold 55,013 shares of Bed Bath & Beyond in trades between August 16 and 17, according to Reuters calculations based on SEC filings. Those sales amounted to about $1.4 million, although Arnal still has about 255,400 shares remaining in the company, according to the outlet.

On August 24, shareholders who said they lost $1.2 billion filed a lawsuit alleging that Bed Bath & Beyond, Arnal and Cohen participated in a scheme to inflate its stock price to sell shares at a higher price.

“At all times, Gustavo… controlled the day-to-day affairs of BBBY, while Cohen, BBBY’s largest shareholder who appointed three directors to BBBY’s board, one person controlling pursuant to Section 20(a) of the Exchange Act, is extensively involved in the management and decision-making process through its ownership interest in BBBY and its appointed directors,” the lawsuit states.

Arnal joined Bed Bath & Beyond in May 2020 after holding similar roles for Avon and Walgreens Boots Alliance. Prior to those positions, his LinkedIn page says he spent 20 years at Procter and Gamble, where he served as chief financial officer for the company’s India, Middle East and Africa region during his last three years there.

His integration into Bed Bath & Beyond has been crucial in navigating the organization through the coronavirus pandemic, transforming the company’s financial foundation and building a strong and talented team, Bed Bath & Beyond said in a statement. .

Hamza Shaban and Aaron Gregg contributed to this report.

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