(Bloomberg) — Bed Bath & Beyond Inc. Chief Financial Officer Gustavo Arnal fell to his demise from a skyscraper in Manhattan’s Tribeca neighborhood on Friday.
Most Read from Bloomberg
The Union, New Jersey-based firm confirmed it was Arnal who died in a press release Sunday. Earlier on Sunday, the New York Police Department named the individual as 52-year-old Arnal, resident of 56 Leonard Street — also referred to as the Jenga Building.
“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,” Harriet Edelman, Independent Chair of the Bed Bath & Beyond’s Board of Directors, stated within the assertion. “Our focus is on supporting his family and his team and our thoughts are with them during this sad and difficult time.”
Arnal was among the many Bed Bath & Beyond executives who supplied particulars on Wednesday of the corporate’s turnaround plan, which together with reducing 20% of jobs throughout its company and supply-chain operations and shutting about 150 lower-producing shops. The plan additionally envisioned new financing and the sale of as many as 12 million shares.
Arnal joined the retailer in May 2020 because it navigated the COVID-19 coronavirus pandemic. He was beforehand with Avon Products Inc., Walgreens Boots Alliance Inc. and Procter & Gamble Co. The New York Post first reported Arnal’s demise.
In a regulatory submitting final month, Bed Bath & Beyond stated Arnal bought greater than 55,000 shares in a number of transactions on Aug. 16-17 as a part of a Rule 10b5-1 buying and selling plan entered into in April 2022. Such buying and selling plans are usually adopted by executives to promote inventory frequently. The gross sales garnered $1.4 million, in response to Bloomberg calculations, and Arnal nonetheless had virtually 255,400 shares remaining.
Story continues
(Adds assertion from firm in third paragraph.)
Most Read from Bloomberg Businessweek
©2022 Bloomberg L.P.