The CEO of Bed Bath & Beyond has reportedly taken his own life by jumping from the 18th floor of a tower in Manhattan’s Tribeca section known as the “Jenga Building,” the New York Post first reported, citing police sources.
The incident happened two days after Bed Bath & Beyond announced it will cut about 20% of its workforce across corporate and supply chain and close 150 lower-producing stores as part of a broader turnaround plan.
Shares at the time tumbled more than 20% on the news.
The company confirmed that Arnal, 52, died on Friday but did not elaborate on how he died.
Arnal sold 42,513 shares of Bed Bath & Beyond stock on Aug. 16 for more than $1,029,000, according to MarketBeat.com. Following the transaction, Arnal still owned 267,896 shares in the company, valued at more than $6,488,000.
Bed Bath and Beyond’s CEO addressed the company and world with the following statement:
“I wish to extend our sincerest condolences to Gustavo’s family,” Harriet Edelman, independent chair of the Bed Bath & Beyond Inc. board of directors, said in a written statement. “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,” Edelman continued. “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.”
Thanks to our friends at Fox Business for contributing to this article.
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