As Bed Bath & Beyond continues to face tanking stock prices and company-wide restructuring, one of the company’s executives jumped to his death on Friday, according to a news report.
Before his identity was revealed, the New York Post reported that a 53-year-old man (he was later found to be 52) had leaped out from the 18th-floor of the famous “Jenga Building” in New York City at about 1 p.m. The building is reportedly a “celebrity-packed” home of the “mega wealthy.”
He was pronounced dead at the scene.
In a follow-up on Sunday, the Post cited police sources to report the man’s identity. His name was Gustavo Arnal and he worked as the chief financial officer of Bed Bath & Beyond.
Bed Bath & Beyond $BBBY CFO Gustavo Arnal, 52, confirmed dead after jumping from the 18th story of NYC’s ‘Jenga Tower.”
So tragic. Money comes and goes. If the current financial situation has you thinking thoughts of suicide please reach out.
Call 988. pic.twitter.com/c90kDPgejM
— Guide To Investing (@guide2investin) September 4, 2022
According to the Post, Arnal had quite an impressive career.
Before Bed Bath & Beyond, Arnal served as the chief financial officer for cosmetics company Avon. In addition, for 20 years Arnal worked overseas for the multinational consumer goods megacorporation Proter & Gamble.
Arnal was recruited by Bed Bath & Beyond to help the American retail store turn things around.
One company spokesperson told CNBC TV18 that Arnal was hired in 2020 as a “world class talent that could offer new expertise, perspectives and experience” as the company rebuilt itself.
For that experience, Arnal was compensated generously.
Between a $775,000 salary and various stock awards, the executive made more than $2.9 million in 2021, the Post reported.
However, in recent months the American retail company had fallen on hard times.
On Wednesday, shares in Bed Bath & Beyond had fallen by almost a quarter of their value, the Post reported.
After receiving over $500 million in new financing, the company had also announced a series of upcoming layoffs and store closures. A potential future stock offering is also being considered, according to the Post.
Less than a month ago in mid-August, billionaire Ryan Cohen sold all of his shares in Bed Bath & Beyond. Only a few months prior, the billionaire shareholder activist had taken on a 10 percent stake in the company, the Post reported.
Leading up to his death, Arnal appeared to be divesting some of his shares in the company as well.
According to an Aug 18 report from MarketBeat, Arnal sold 42,413 Bed Bath & Beyond shares.
Only two weeks later, the executive jumped from a skyscraper.
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