Arnal was recently named in a lawsuit accusing him of insider trading and fraud, according to court documents. Arnal died due to “multiple” blunt force trauma and his death has been ruled as a suicide, the New York City Medical Examiner’s Office confirmed to USA TODAY. The former member of Arnal’s leadership team at P&G Brazil echoed this sentiment, saying, “Gustavo was always driven by challenges.” Arnal’s decision to join Bed Bath & Beyond at a fraught point in its history exemplified his tendency to run toward challenges, his former colleagues said. “He was an example of following what’s right for the company and for the employees,” she said. “As a woman in finance almost 20 years ago, I felt included in Gustavo’s team, and he had an important role in my development.”
Bed Bath & Beyond CFO Gustavo Arnal Dies by Suicide at 52: A ‘Shocking Loss,’ Says Company
Bed Bath & Beyond Inc., ranked no. 381 on the Fortune 500, is in the midst of meme stock mayhem, dire financial straits, executive upheaval, controversy, and tragedy. A Sunday statement from the retailer said that “the entire Bed Bath & Beyond Inc. organization is profoundly saddened by this shocking loss.” In mid-August, Arnal sold 55,013 shares in the company for about $1.4 million, according to Reuters. Arnal graduated from Simón Bolívar University of Venezuela with a mechanical engineering degree and got his master’s degree in finance from the Metropolitan University of Caracas, the multilingual news site swissinfo.ch reported.
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And the company is still searching for a permanent chief executive officer after former CEO Mark Tritton was ousted in June after less than three years on the job, according to the AP. “As previously noted in our 8-K filed Aug. 31, the company is in the early stages of evaluating the complaint but based on current knowledge, the company believes the claims are without merit,” the Bed Bath & Beyond representative told me. District Court for the District of Columbia on Aug. 23, listing the lead plaintiff as Pengcheng Si. In a statement to Reuters, Bed Bath & Beyond said it was “in the early stages of evaluating the complaint, but based on current knowledge the company believes the claims are without merit.” Days before his death, Bed Bath & Beyond announced plans to close 150 stores and cut 20% of its corporate and supply-chain staff.
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The building gained the nickname due to a stacked appearance that resembles the popular game. Arnal appeared to “suffer from injuries indicative of a fall from an elevated position,” the report said. “I am proud to have been his colleague, and he will be truly missed by all of us at Bed Bath & Beyond and everyone who had the pleasure of knowing him.” Police say 52-year-old Gustavo Arnal fell from a Manhattan skyscraper known as the “Jenga” tower on Friday. Friends of Arnal told the Journal he’d been working up to 18 hours a day, according to the report.
Mr Arnal joined the company in May 2020 during the pandemic, and previously worked at cosmetic brand Avon and consumer goods giant Procter & Gamble. The lawsuit came after Bed Bath and Beyond’s stock went up more than 350% from July 25 to August 17. Arnal had joined Bed Bath & Beyond in May 2020 after time with cosmetic company Avon and 20 years at Procter & Gamble. “Sharply lower commodity prices, a stronger dollar, and large improvements in supply-chain disruptions all suggest that goods price inflation will continue to abate.”
- Arnal died due to “multiple” blunt force trauma and his death has been ruled as a suicide, the New York City Medical Examiner’s Office confirmed to USA TODAY.
- Over the Labor Day weekend, the retailer announced that its CFO Gustavo Arnal, 52, passed away, stating the organization is “profoundly saddened by this shocking loss.” Local reports confirmed that Arnal fell to his death on Sept. 2 from a Manhattan skyscraper.
- “We’re continually evolving to serve our loyal Bed Bath & Beyond customers better — whether they come to us at one of our 900+ stores or are one of the millions who shop with us online each year,” a spokesperson said at the time.
- Former colleagues of Gustavo Arnal — the 52-year-old Bed Bath & Beyond executive who died after falling from a New York City building earlier this month — told Insider they were stunned by his death.
- One former colleague from Arnal’s time at P&G in Cincinnati remembers him as devoted to his work and to his team.
- Over the course of more than 20 years, Arnal held several senior positions at P&G, including CFO of its India, Middle East, and Africa business; CFO of Global Fabric and Home Care; and CFO of Global Personal Beauty.
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In a statement on Sunday, the NYPD said Arnal “appeared to suffer from injuries indicative from a fall from an elevated position.” Later, the New York City medical examiner’s office ruled Arnal’s death a suicide. Arnal was the focus of a lawsuit that accused him and Gamestop chairman Ryan Cohen of participating in a scheme to artificially inflate the price of Bed Bath & Beyond’s stock, CNN reported. Filed Aug. 23 in the United States District Court for the District of Columbia, the suit alleged Arnal made misleading statements when discussing the company, per CNN and Reuters. Authorities in New York City have confirmed the death of Bed Bath & Beyond’s chief financial officer. Former colleagues of Gustavo Arnal — the 52-year-old Bed Bath & Beyond executive who died after falling from a New York City building earlier this month — told Insider they were stunned by his death.
One former colleague from Arnal’s time at P&G in Cincinnati remembers him as devoted to his work and to his team. “He was a reference for many of us that worked with him, myself included, on how to lead people in tough situations because he was not afraid of having the tough calls, the tough conversations,” the former plant finance manager continued. At the same time, he didn’t shy away from challenges at work, according to his colleagues who spoke to Insider.
“I am proud to have been his colleague, and he will be truly missed by all of us at Bed Bath & Beyond and everyone who had the pleasure of knowing him,” she said, adding that the company’s focus is on supporting Arnal’s family. Bed Bath & Beyond Chief Financial Officer Gustavo Arnal died on Friday, the company and police confirmed. But the housewares company has struggled mightily recently and is expected to close 150 stores and terminate 20% of its workforce after an announcement about its restructuring came days before his death. When Arnal was announced as Bed Bath & Beyond’s newest hire, he said the company had to build “on the strong foundations of this business with a new, robust and sustainable business model,” the Cleveland Business Journal reported. The husband and father of two adult daughters was CFO of the company’s India, Middle East and Africa business, where he oversaw operations in more than 50 countries, the Cleveland Business Journal reported in May 2020. Gustavo Arnal was hired by Bed Bath & Beyond in May 2020 and credited with helping get the New Jersey-based retail giant through the worst of the COVID-19 pandemic, the company said in a statement Sunday.
The top-level Bed Bath & Beyond executive who apparently jumped off a Tribeca high-rise was a well-regarded businessman whose career spanned the globe before his sudden death on Friday. Bed Bath & Beyond also fired its Chief Executive Officer Mark Tritton as part of a management shake-up and announced Sue Gove to serve as its interim chief executive. The home and bath goods company has been struggling for some time due to a slump in sales and growing debt. Bed Bath & Beyond made headlines recently after activist investor Ryan Cohen announced in late August that he was abruptly selling all of his stock in the company. —Jan Hatzius, Goldman Sachs’ chief economist, said in a Monday research note that he believes a soft landing is still possible, even if the flight path is bumpy, Fortune reported.
“Gustavo was always full of energy, and quite frankly the best boss I ever had,” this person added. “He was a person who was fun to be around, even in times of crisis, who knew how to work really hard and focus and also knew how to celebrate.” Arnal’s former colleagues at P&G who spoke to Insider expressed shock over his suicide. They spoke on the condition of anonymity because they hadn’t arranged permission from the company to speak to the press. Though they didn’t work with him at Bed Bath & Beyond — these coworkers were from his time as an executive at Procter & Gamble — the teammates said Arnal was “larger than life” and enjoyed digging into a big business challenge.
The top three sectors in July and August were consumer discretionary (nonessential goods and services, like cars and entertainment), energy, and materials. The results are based on the trading platform’s customer notional net percentage buy/sell behavior for stocks that comprise the S&P 500 sectors. Both consumer discretionary and materials increased between July and August, while energy decreased, according to the report. The company filed a Form 8-K with the Securities and Exchange Commission naming Crossen the interim CFO.
“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.” The exec came aboard as chief financial officer and executive vice president after “a distinguished global career in finance” that included working at “several other well-known businesses,” the company stated Sunday. Over the Labor Day weekend, the retailer announced that its CFO Gustavo Arnal, 52, passed away, stating the organization is “profoundly saddened by this shocking loss.” Local reports confirmed that Arnal fell to his death on Sept. 2 from a Manhattan skyscraper. Arnal joined the company in May 2020 following a career in finance at Avon, Walgreens Boots Alliance, and Procter & Gamble. Gustavo Arnal, the chief financial officer and executive vice president at retailer Bed Bath & Beyond, died after an apparent fall from his Manhattan high-rise on Friday, police said. Bed Bath & Beyond announced on Aug. 31 that it had secured more than $500 million in new financing, planned to cut its workforce by 20% and close 150 “lower-producing” stores.
“I wish to extend our sincerest condolences to Gustavo’s family,” Edelman said in the message. “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 at Bed Bath & Beyond and everyone who had the pleasure of knowing him.” Arnal came from cosmetic company Avon, where he was also named the executive vice president and CFO starting in spring 2019, according to the Cincinnati Business Courier. He was at Walgreens Boots Alliance before that, serving as senior vice president and CFO of international divisions and global functions, the Business Courier said. Bed Bath & Beyond said in a statement Sunday the company was “profoundly saddened by this shocking loss,” adding Arnal helped guide the company through the pandemic and transformed its financial foundation. Last month, he sold more than 42,500 shares of company stock worth more than a million dollars, according to the website MarketBeat.
This is the web version of CFO Daily, a newsletter on the trends and individuals shaping corporate finance. “‘Poison’ Ivy Zelman—the analyst who predicted the 2008 housing bust—sees U.S. home prices falling in both 2023 and 2024. Here’s how much,” a new Fortune report, delves into Zelman’s predictions. The 60-story tower is nicknamed the “Jenga Building” due to its misaligned apartments, giving it the appearance of the block stacking game. If you are struggling with suicidal thoughts or are experiencing a mental health crisis and live in New York City, you can call NYC-WELL for free and confidential crisis counseling. If you live outside the five boroughs, you can dial the 24/7 National Suicide Prevention hotline at 988 or go to SuicidePreventionLifeline.org. The big-box chain in the US has been facing financial trouble, recently announcing store closures and job cuts.
The company also said it had eliminated the chief operating officer and chief stores officer roles. Bed Bath & Beyond reported in earnings ending May 28 a net loss of $385 million, compared to a loss of $51 million the same time last year. Sue Gove, an independent director at the company, became interim CEO, replacing Mark Tritton as CEO. The chief financial officer of Bed Bath & Beyond died by suicide, officials in New York said Sunday, and the company described his death as a “shocking loss.” Gustavo Arnal, 52, the company’s chief financial officer, died from multiple blunt trauma injuries and took his own life, the medical examiner’s office said in a statement Sunday night. Bed Bath & Beyond’s stock took a major hit last month after an influential investor sold all of his nearly 7.8 million shares.
According to the report, her base salary will increase by $200,000, with an increase of her target annual bonus opportunity to 70%. Last year, a penthouse in the building sold for $50 million, according to the Real Deal, which reported that residents include the singer Frank Ocean and the actor Keegan Michael-Key. “We’re continually evolving to serve our loyal Bed Bath & Beyond customers better — whether they come to us at one of our 900+ stores or are one of the millions who shop with us online each year,” a spokesperson said at the time. Per the company’s press release, the retailer’s same-store sales are down approximately 26 percent compared to the same fiscal quarter last year. Per CNBC and USA Today, the New York City Medical Examiner’s Office said he had died by suicide and did not leave behind a note. Arnal was found outside of 56 Leonard, a 57-story Tribeca skyscraper known by locals as the “Jenga” tower, according to Reuters.