Bed Bath & Beyond’s No. 2 Gustavo Arnal dies
Gustavo Arnal, 52, the chief financial officer of Bed Bath & Beyond, died on Friday in what looked to be a suicide. He was found near his residence, 56 Leonard Street, and died of injuries indicative of a fall from an elevated position. The death of Gustavo Arnal, 52, comes just days after he was named in a lawsuit accusing him of fraud.
Mr. Arnal joined Bed Bath & Beyond as a chief financial officer in May 2020. He was previously chief financial officer at Avon and Walgreens Boots Alliance. Arnal and Cohen are cited in a lawsuit for providing false statements regarding the financial condition and holding situation of Bed Bath & Beyond for their financial benefit. The suit states that the defendants sold their shares of Bed Bath & Beyond at artificially inflated prices.
Mr. Arnal gave investors updates on the company’s finances and announced that 150 stores would be closed and 20 percent of workers would be laid off. A lawsuit claims that Cohen approached Arnal about a “pump and dump” scheme, and that Arnal worked with JPMorgan to facilitate the scheme. The lawsuit also claims that Cohen has historically employed pump and dump schemes to raise much needed capital.
Bed Bath & Beyond has been under immense pressure over the past several years and has been the center of a volatile few weeks of trading, partly because of a legion of dedicated individual investors.
A man jumped from the 18th floor of the Jenga tower in Manhattan, New York, on September 2, according to multiple reports.
Arnal reportedly sold more than 42,000 shares in the company for USD 1 million, a little over two weeks ago.
Arnal joined Bed Bath & Beyond in 2020, when the firm was already struggling because of the COVID-19 pandemic. He was said to be a world-class talent who would help accelerate the firm’s transformation plans.
Bed Bath & Beyond’s CEO Mark Tritton was fired in June, and an interim board director Sue Gove was hired to replace him.
A group of shareholders sued the company, Arnal and major shareholder Ryan Cohen over accusations of artificially inflating the firm’s stock price in a “pump and dump” scheme. Arnal was named as one of the defendants in the lawsuit.
The big-box chain has seen its fortunes falter after an attempt to sell more of its own brand, or private-label goods. It has now announced plans to close 150 stores and cut jobs.
Bed Bath & Beyond is supporting the family during this difficult time and asks that you respect their privacy. Arnal joined Bed Bath and Beyond in May 2020 after working for several companies, including Avon, Walgreens Boots Alliance, and Procter and Gamble.
If you or someone you know is experiencing depression or has had thoughts of harming themselves or taking their own life, get help now.