Bed Bath & Beyond CFO commits suicide in New York

Bed Bath & Beyond CFO commits suicide in New York

New York, Sep 4 – The financial director of the American chain of home stores Bed Bath & Beyond, the Latino Gustavo Arnal, has been identified as the man who committed suicide by jumping from the iconic skyscraper in the New York neighborhood of Tribeca known as the “Jenga Building”, indicates this Sunday the local press.

Arnal, 52, jumped from the 18th floor of 56 Leonard Street on Friday, law enforcement sources told the New York Post.

In August Bed Bath & Beyond, based in New Jersey, collapsed on the stock market after the exit of a well-known investor.

On August 16, Arnal, who was also the network’s executive vice president, sold 42,513 shares of the company for approximately $1 million, according to MarketBeat.com.

However, the fall of Bed Bath & Beyond began on Wednesday the 17th and accelerated on August 19 after it was learned that the billionaire Ryan Cohen, manager of the firm RC Ventures, got rid of 10% of the company.

Cohen had taken over that stake this year and had tried to force several changes in the company, but a few months later he chose to leave his position and cash in taking advantage of the rise in the price of Bed Bath & Beyond.

At the end of August, Bed Bath & Beyond announced that it would close 150 stores and cut 20% of its workforce, among other measures to try to stabilize its financial situation.

Arnal joined Bed Bath & Beyond in 2020. Previously, he worked as CFO for London-based cosmetics giant Avon and had a 20-year career working abroad leading Procter & Gamble.

In addition, the businessman had a degree in Mechanical Engineering from the Simón Bolívar University of Venezuela and a master’s degree in Finance from the Metropolitan University of Caracas and was considered one of the highest-ranking Latinos in large companies in the United States, according to the press. local.

In 2021, he earned more than $2.9 million thanks to his $775,000 Bed Bath & Beyond salary and stock awards, according to InsiderTrades.com.

The 60-story luxury building from which Arnal jumped is known for its curious design of misaligned apartments that resemble the popular board game “Jenga.”

Melissa Galbraith
Melissa Galbraith is the World News reporter for Globe Live Media. She covers all the major events happening around the World. From Europe to Americas, from Asia to Antarctica, Melissa covers it all. Never miss another Major World Event by bookmarking her author page right here.