Bed Bath & Beyond CFO Dies After Fall From NYC Apartment
Gustavo Arnal, Bed Bath & Beyond's executive vice president and chief financial officer, died from an apparent suicide on Sept. 2, after falling from the Manhattan skyscraper where he lived, according to a report from the New York's medical examiner’s office.
Arnal joined Bed Bath & Beyond in May 2020 following a career in finance at Avon, Walgreens Boots Alliance, and Procter & Gamble. At Bed Bath & Beyond Inc., Arnal was instrumental in guiding the organization throughout the coronavirus pandemic, transforming the company's financial foundation, and building a strong and talented team.
In a statement, Bed Bath & Beyond's board of directors said the entire organization is profoundly saddened by the loss. "I wish to extend our sincerest condolences to Gustavo's family," said Harriet Edelman, independent chair of the Bed Bath & Beyond Inc. board of directors. "Gustavo will be remembered by all he worked with for his leadership, talent and stewardship of our company."
Edelman also said the company is focusing on supporting Arnal's 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."
Total Retail's Take: A truly tragic situation. Arnal's death was reported days after the Union, New Jersey-based retail chain announced it would close about 150 of its more than 700 namesake stores and lay off about 20 percent of its 32,000 employees. The moves were part of a wave of changes the home goods retailer announced as slowing sales have carried into the current fiscal quarter, with same-store sales down 26 percent so far in the period — a steeper drop that it has seen in years. Furthermore, Bed Bath & Beyond has faced additional turbulence, as its shares dropped dramatically over a two-week period last month.