Bed Bath and Beyond issue statement on death of CFO Gustavo Arnal: ‘Will be truly missed’

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Bed Bath and Beyond issued a statement on Sunday announcing the death of Executive Vice President and Chief Financial Officer Gustavo Arnal.

The company confirmed that Arnal, 52, died on Friday, but did not elaborate on how he died.

"I wish to extend our sincerest condolences to Gustavo's family," Harriet Edelman, Independent Chair of the Bed Bath & Beyond Inc. Board of Directors, said in a written statement. "Gustavo will be remembered by all he worked with for his leadership, talent and stewardship of our Company."

"I am proud to have been his colleague, and he will be truly missed by all of us at Bed Bath & Beyond and everyone who had the pleasure of knowing him," Edelman continued. "Our focus is on supporting his family and his team and our thoughts are with them during this sad and difficult time. Please join us in respecting the family's privacy."

SNAP TO LAY OFF 20% OF EMPLOYEES AFTER REVENUE DECLINES

Bed Bath & Beyond storefront (iStock / iStock)

Arnal joined Bed Bath and Beyond in May 2020 after previously holding executive roles at beauty company Avon, Walgreens Boots Alliance, and Procter and Gamble, where he worked for over 20 years.

He reportedly died after jumping from 18th floor of a tower in Manhattan’s Tribeca section known as the "Jenga Building," the New York Post first reported, citing police sources.

The incident happened two days after Bed Bath and Beyond announced it will cut about 20% of its workforce across corporate and supply chain and close 150 lower-producing stores as part of a broader turnaround plan.

TickerSecurityLastChangeChange %
BBBYBED BATH & BEYOND INC.8.63-0.08-0.92%

Shares at the time tumbled more than 20% on the news.

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Arnal sold 42,513 shares of Bed Bath & Beyond stock on Aug. 16 for over $1,029,000, according to MarketBeat.com. Following the transaction, Arnal still owned 267,896 shares in the company, valued at over $6,488,000.

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