Sep 4, 2022 - Economy & Business

Bed Bath & Beyond CFO falls to his death from New York skyscraper

Bed Bath and beyond
Photo: Artur Widak/NurPhoto via Getty Images

Bed Bath & Beyond confirmed Sunday its chief financial officer Gustavo Arnal died over the weekend. Police had said Arnal fell from the New York skyscraper known as the "Jenga tower" on Friday.

Details: “The entire Bed Bath & Beyond Inc. organization is profoundly saddened by this shocking loss,” the company wrote in a statement.

  • An investigation into the death is ongoing and the New York City Medical Examiner's Office has yet to determine a cause, per CNBC.

What they're saying: "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," said Harriet Edelman, independent chair of Bed Bath & Beyond's board of directors.

  • "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."

Arnal, 52, joined Bed Bath & Beyond in 2020 after working at Avon, Walgreens Boots Alliance and Procter & Gamble.

  • Arnal was "instrumental in guiding the organization throughout the coronavirus pandemic, transforming the Company's financial foundation and building a strong and talented team," the company's statement reads.
  • "He was also an esteemed colleague in the financial community."

Bed Bath and Beyond has struggled financially in recent years. The company ousted its CEO earlier this year and recently announced a series of steps it will take to offset steep declines in sales, including layoffs and store closures.

  • Shares of Bed Bath & Beyond's stock were down some 25% this week, and 43% this year, despite the company announcing earlier in the week it secured more than $500 million in new financing.
  • The company was worth around $17 billion in 2013, but is now worth less than $1 billion, with roughly $100 million in cash, the New York Times notes.
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