On Friday, Bed Bath & Beyond announced the death of Gustavo Arnal, 52, the company’s chief financial officer.
In 2020, when the retail industry was shaken up by the coronavirus pandemic, he was hired to help stabilize the company so that it could expand its product line to meet customers’ needs.
Gustavo Arnal Wife
Gustavo has been married to his Alexandra Cadenas-Arnal for 28 years.
The Couple is blessed with two grown daughters.
According to sources Gustavo was with his wife and two grown-up daughters when he jumped to his death.
The New York Post claims that Arnal’s wife was home at the time he jumped out of the window.
It has been reported that he jumped to his death without warning or leaving a note for his wife, Alexandra Cadenas-Arnal.
Gustavo Arnal Cause of Death
According to the NYPD, Mr. Arnal’s death appeared to be a suicide.
Arnal, 52, jumped from the 18th floor of the ‘Jenga Building’ at 56 Leonard Street on Friday, according to authorities.
Authorities said he “appeared to suffer from injuries indicative from a fall from an elevated position” when they discovered him near his home at 56 Leonard Street, also known as the Jenga building for its stacked architectural design.
He was pronounced dead by responding EMTs, and the New York City Medical Examiner’s Office is investigating the circumstances surrounding his passing, according to the release.
Death of Mr. Arnal was first reported by the New York Post.
May 2020 saw Mr. Arnal’s arrival at Bed Bath & Beyond as CFO, following the departure of CFO Mark Tritton.
Mr. Arnal has spent over 20 years in the business world, including stints as the CFO of Avon, Walgreens Boots Alliance, and Procter & Gamble.
On Wednesday, Mr. Arnal addressed investors of Bed Bath & Beyond, updating them on the company’s financial situation and breaking some bad news about the effect of its most recent turnaround efforts.
The company announced it would lay off 20% of its corporate and supply chain staff and close 150 stores.
Retail worker positions will be affected as a result of the store closures, the company said.
The body of Gustavo Arnal was discovered close to his home in the Tribeca skyscraper at 56 Leonard Street, also known as the Jenga building due to its stacked appearance.
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Mr. Arnal had only been with Bed Bath & Beyond for two years, but he helped maintain some level of consistency after the departures of key executives like the CEO, COO, and CSO.
Over the past few years, the retailer has been under intense pressure as it has hurriedly expanded its supply chain and operations in response to business pressures from the pandemic and two groups of activist investors. Last week, it announced that it had improved its liquidity by securing a loan from the investment firm Sixth Street.
A large number of passionate individual investors have also contributed to the company’s recent volatile trading. When activist investor Ryan Cohen announced his intention to sell all of his shares in the retailer on August 16, the stock price shot through the roof.
Mr. Arnal, in accordance with a trading plan he signed in April, sold about 55,000 shares of Bed Bath & Beyond on August 16 and 17.
For its part, Bed Bath & Beyond informed the public in a regulatory filing in August that Mr. Arnal and the company were being sued by a group of shareholders.
The store stated that it is still in the “early stages of evaluating the complaint,” but that it “believes the claims are without merit.”
On Sunday, Bed Bath & Beyond issued a statement expressing its “profound sadness” over Mr. Arnal’s death.
The company has released a statement saying
, “Our focus is on supporting his family and his team and our thoughts are with them during this sad and difficult time.”
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