“He was definitely driven. He loved to win in business, and he liked to help the business be successful for the employees, for the shareholders,” this person said. “I think people who knew him will just remember him as kind, as upbeat, as positive, as a person dedicated to those around him — whether it’s his family, his friends, his colleagues, his shareholders, consumers.” “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.
- “He was definitely driven. He loved to win in business, and he liked to help the business be successful for the employees, for the shareholders,” this person said.
- 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.
- 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.”
- Bed Bath & Beyond confirmed his death in a statement from Harriet Edelman, Independent Chair of the company’s board of directors.
Bed Bath & Beyond CFO Gustavo Arnal Dies by Suicide at 52: A ‘Shocking Loss,’ Says Company
Confirming his death in a statement released Sunday afternoon, the company praised Arnal, 52, for his leadership and said he “was instrumental in guiding the organization throughout the coronavirus pandemic” after joining the company during the spring of 2020. A Bed Bath & Beyond executive died from an apparent suicide after falling from the downtown Manhattan luxury skyscraper where he lived, according to New York’s medical examiner’s office. The lawsuit further notes Cohen’s involvement in similar plans, such as elevating GameStop to “meme stock” status. “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.”
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Bed Bath & Beyond Chief Financial Officer Gustavo Arnal died on Friday, the company and police confirmed. 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.
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A former finance supervisor who worked with Arnal at P&G in Brazil remembers him as a “funny and passionate leader.” 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.
The suit, filed in United States District Court for the District of Columbia on August 23, claims that Cohen and Arnal provided “materially false statements regarding the financial condition and holding situation” of Bed Bath & Beyond for their financial benefit. The incident occurred less than two weeks after the executive, 52, was named in a federal class-action lawsuit on allegations of federal securities fraud, insider trading, and breach of fiduciary duty, according to court documents. Edelman said Bed Bath & Beyond would focus efforts on Arnal’s “family and his team,” and the company’s “thoughts are with them during this sad and difficult time.” Bed Bath & Beyond confirmed his death in a statement from Harriet Edelman, Independent Chair of the company’s board of directors. The Union, New Jersey-based company confirmed it was Arnal who died in a statement Sunday. Earlier on Sunday, the New York Police Department named the person as 52-year-old Arnal, resident of 56 Leonard Street — also known as the Jenga Building.
‘Shocking loss’: Bed Bath & Beyond CFO Gustavo Arnal died by suicide in New York, officials say
Arnal joined the company in May 2020 following a career in finance at Avon, Walgreens Boots Alliance, and Procter & Gamble. 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. 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. In addition to financial challenges, a class action lawsuit was filed in the U.S.
“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.” “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.
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’s stock took a major hit last month after an influential investor sold all of his nearly 7.8 million shares. 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. The company filed a Form 8-K with the Securities and Exchange Commission naming Crossen the interim CFO. According to the report, her base salary will increase by $200,000, with an increase of her target annual bonus opportunity to 70%.
—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. 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.
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 is cited in the suit along with activist investor and GameStop chairman Ryan Cohen, who the lawsuit claims collaborated with the CFO in a “fraudulent scheme to artificially inflate the price of Bed Bath & Beyond’s publicly traded stock.” In the days leading up to Arnal’s death, the company’s interim CEO, Sue Gove, and several board members were concerned for his well-being, believing he was overwhelmed at work, The Wall Street Journal reported this week, citing sources familiar with the matter. “Pure shock is what best describes it,” said one of Arnal’s colleagues from his time at Procter & Gamble in Brazil, a former finance senior manager who was part of his leadership team there.
“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.” 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. His death was then ruled a suicide on Monday by New York City’s medical examiner.
A Sunday statement from the retailer said that “the entire Bed Bath & Beyond Inc. organization is profoundly saddened by this shocking loss.” 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.
Arnal was among the Bed Bath & Beyond executives who provided details on Wednesday of the company’s turnaround plan, which including cutting 20% of jobs across its corporate and supply-chain operations and closing about 150 lower-producing stores. The plan also envisioned new financing and the sale of as many as 12 million shares. Days before his death, Bed Bath & Beyond announced plans to close 150 stores and cut 20% of its corporate and supply-chain staff. Shares of the company fell 25% after an extended period of steadily declining sales.