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Bed Bath & Beyond released a statement on Sunday announcing the passing of Executive Vice President and Chief Financial Officer Gustavo Arnal.
The company confirmed Arnal, 52, died on Friday but did not say how he died.
“I want to send our deepest condolences to Gustavo’s family,” said Harriet Edelman, independent chair of the board of directors of Bed Bath & Beyond Inc., in a written statement. “Everyone he worked with will remember Gustavo for his leadership, talent and stewardship of our business.”
“I am proud to have been his colleague, and he will be truly missed by Bed Bath & Beyond and all who had the pleasure of knowing him,” Edelman continued. “Our goal is to support his family and team and our thoughts are with them during this sad and difficult time. Please join us in respecting the family’s privacy.”
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Arnal joined Bed Bath & Beyond in May 2020 after holding senior roles at beauty company Avon, Walgreens Boots Alliance and Procter and Gamble, where he worked for over 20 years.
He is believed to have died after jumping from the 18th floor of a tower in the Tribeca section of Manhattan known as the “Jenga Building”, the New York Post reported, citing law enforcement sources.
The incident came two days after Bed Bath & Beyond announced it would cut around 20% of its corporate and supply chain workforce and close 150 low-production stores as part of a broader recovery plan.
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Shares at the time fell more than 20% on the news.
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Arnal sold 42,513 shares of Bed Bath & Beyond on Aug. 16 for more than $1,029,000, according to MarketBeat.com. Following the transaction, Arnal still owned 267,896 shares of the company, valued at over $6,488,000.