Bed Bath and Beyond CFO falls to his death in New York after mass closures and layoffs
The chief financial officer of American retailer Bed Bath & Beyond Inc fell to his death from a New York skyscraper.
Gustavo Arnal, 52, who previously worked as CFO for London-based cosmetics brand Avon, died on Friday in wake of the company closing stores and laying off workers.
New York police responded to reports he had been found dead near the Tribeca skyscraper in Manhattan, known as the ‘Jenga’ tower.
This comes after the chain annoucned it would close 150 stores, cut jobs and have a complete overhaul of its merchandising strategy, a seismic shift Arnal reportedly struggled with.
In mid-August he sold more than 55,000 shares in Bed Bath & Beyond amounting to around $1.4m, and still held around 255,000 shares.
A recent lawsuit brought by shareholders also listed him as a defendant, and they claimed they lost around $1.2bn.
In a statement issued over the weekend, Bed Bath & Beyond confirmed his death, saying the “entire organization is profoundly saddened by this shocking loss.”
“I wish to extend our sincerest condolences to Gustavo’s family. 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,” said Harriet Edelman, Independent Chair of the Bed Bath & Beyond Inc. Board of Directors.