Bed Bath & Beyond, Inc.’s BBBY chief financial officer Gustavo Arnal has been identified as the person who jumped off the 18th floor of a Tribeca skyscraper, aka the Jenga Building, to his death on Friday, the New York Post reported. The building is located in Manhattan.
Although the death was reported on the day of the incident, the identity of the person was not known until Sunday.
The company subsequently came out and confirmed the demise of Arnal.
"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," said Harriet Edelman, Independent Chair of the Bed Bath & Beyond 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 had been the CFO of the home furnishing and accessories retailer since May 2020. He previously worked for U.K. cosmetics chain Avon as its CFO and has had prior experiences with Walgreens Boots Alliance Inc. WBA and Procter & Gamble Company PG.
The executive earned about $2.9 million in compensation in 2021, including a base salary of $775,000 and stock awards, the Post said, citing InsiderTrades.com. On Aug. 18, he sold 55,013 shares in the company.
Bed Bath & Beyond stock has assumed meme status due to frenzied interest among retail traders. The brick-and-mortar retailer has suffered along with other retail names amid the COVID pandemic. Following the deterioration in fundamentals, the company recently announced restructuring initiatives, including job cuts and store closures, while also raising additional financing through an equity offering.
The retailer’s stock began to trace a downtrend in April and bottomed at sub-$5 levels in July. A meme rally took hold in August, sending the stock as high as $30 in mid-August. News concerning the sale of the entire 10% stake built up by activist investor Ryan Cohen sent the stock hurtling lower thereafter.
Bed Bath & Beyond closed Friday’s session down 0.92% at $8.63, according to Benzinga Pro data.
Photo: Courtesy of Ken Lund on flickr
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