Bed Bath & Beyond's CFO has drowned, the company has confirmed

(Bloomberg) — The chief financial officer of Bed Bath & Beyond Inc. Gustavo Arnal fell to his death from a skyscraper in Manhattan’s Tribeca neighborhood on Friday.

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The Union, New Jersey-based company confirmed Arnall as the deceased in a statement Sunday. Earlier Sunday, the New York Police Department identified the person as 52-year-old Arnal, a resident of 56 Leonard Street — also known as the Jenga Building.

“I want to express our sincerest condolences to Gustavo’s family. Gustavo will be remembered by all with whom he worked for his leadership, talent and stewardship of our company,” Harriet Edelman, independent chair of Bed Bath & Beyond’s board of directors, said in the statement. “Our focus is on supporting his family and team and our thoughts are with them at this sad and difficult time.”

Arnal was among Bed Bath & Beyond executives who provided details Wednesday of the company’s turnaround plan, which includes cutting 20 percent of jobs in its corporate and supply chain operations and closing about 150 stores with more low production. The plan also calls for new financing and the sale of as many as 12 million shares.

Arnal joined the retailer in May 2020 as it dealt with the coronavirus pandemic. Previously, he was with Avon Products Inc., Walgreens Boots Alliance Inc. and Procter & Gamble Co. The New York Post first reported Arnall’s death.

In a regulatory filing last month, Bed Bath & Beyond said Arnal sold more than 55,000 shares in multiple transactions on Aug. 16-17 as part of a Rule 10b5-1 trading plan entered into in April 2022. Such trading plans generally accepted by executives to sell shares on a regular basis. The sale raised $1.4 million, according to Bloomberg calculations, and Arnal still had almost 255,400 shares outstanding.

(Adds a statement from the company in the third paragraph.)

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