Text size
Bed Bath & Beyond’s chief financial officer died after falling from the 18th floor of a Manhattan skyscraper.
Getty Images
Bed Bath & Beyond
shares were trading sharply lower early Tuesday after the death of Chief Financial Officer Gustavo Arnal was ruled a suicide.
Bed Bath & Beyond
(ticker: BBBY) shares have been on a roller coaster this year, and slumped last week after the home goods retailer unveiled a turnaround program. The stock jumped as activist investor Ryan Cohen bought a stake but cratered again in August after he sold his shares for $178 million.
In premarket trading Tuesday, the stock was down 13.3% to $7.48. Coming into the session, the shares have declined nearly 41% this year.
Arnal, 52, fell from the 18th floor of a Manhattan residential skyscraper on Friday. The city’s medical examiner announced the cause of death was by suicide.
Bed Bath & Beyond now faces an even bigger gap in its senior leadership. The company said last week that Its chief operating officer and chief stores officer were leaving. That followed the departure in June of Chief Executive Officer Mark Tritton and Chief Merchandising Officer Joe Hartsig.
Preliminary results for the quarter ended Aug. 27 showed that sales fell 26% and that the company burned through $325 million in cash in the period.
Bed Bath said on Sunday that it was “profoundly saddened by this shocking loss” of Arnal. Before joining Bed Bath in 2020, he worked for Avon in London. He also served as senior vice president, international divisions and global functions at
Walgreens Boots…
..
