Gustavo Arnal, the CFO of retail chain Bed Bath & Beyond, committed suicide on Friday. He died after falling from the 18th floor a Manhattan building. He was just 52 years old. Bed & Bath is mourning the loss in the public announcement made today. Read on to know why did Gustavo Arnal commit suicide.
Gustavo was known for working with Avon, Walgreens Boots Alliance, and Procter & Gamble. He was hired at Bed Bath & Beyond in 2020 to steer it through the global COVID-19 pandemic. However, the company has been going through a rough patch recently.
Bed Bath & Beyond CFO Gustavo Arnal Dies by Suicide at 52
Gutavo Arnal, the chief financial officer of Bed Bath & Beyond, died after jumping off the 18th floor of a building in the 56 Leonard Street near Church Street. The structure is also called “Jenga Building” due to its design.
The tragic incident took place on Friday, September 2, 2022, at around 12:30 PM. When the EMS personnel arrived at the scene, Arnal was already dead. His body was put inside a black body bag and taken for autopsy.
The New York City Police Department confirmed that Arnal was found unconscious with injuries showing he fell from a building in Manhattan. The New York City Medical Examiner’s Office will determine the specific cause of death and the police continue investigative procedures.
Who was Gustav Arnal? Everything you must know
Gustavo Arnal was a well-known businessman from the New York City. He was a Simón Bolivar University of Venezuela graduate in a mechanical engineering degree. He got his master’s degree in finance from the Metropolitan University of Caracas.
Arnal worked for Procter & Gamble for around 20 years holding various positions working with brand names inlcuding Tide detergent, Pringles potato chips, and more. In Spring 2019, he became the executive vice president and CFO at the cosmetic company in Avon.
Before this, Arnal was working with Walgreens Boots Alliance as senior vice president and CFO of international divisions and global functions. He returned to the US and joined Bed Bath & Beyond as a chief financial officer in May 2020.
Arnal was credited with helping the New Jersey-based giant to pass through critical conditions during the pandemic. He operated the company’s India, the Middle East, and Africa business and oversaw operations in over 50 countries.
Coming to the his personal life, Arnal was married and a father of two adult daughters. The identity of his family is unknown at the time of writing.
Bed Bath & Beyond shared the grief-filled news with a tribute
Bed Bath & Beyond shared the heartbreaking news of Gustavo Arnal’s passing on Sunday, September 4, 2022.
“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,” said Harriet Edelman, independent chair of the company’s board, in the statement.
“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,” the statement adds.
What was the reason for Gustavo Arnal’s suicide?
The New York police have registered the case of suicide and waiting for the autopsy results for confirmation. At this time, neither the police nor Arnal’s family have publicly announced a probable cause for Arnal’s suicide.
However, several experts and analysts are speculating that Bed Bath & Beyond’s rough patch in business could be one of the causes that provoked Arnal toward the extreme measure.
The hosesway company Bed Bath & Beyond which was once the industry leader is struggling financially lately. It is expected to close 150 stores and lay off 20% of its workforce. This despairing announcement was made by Gustavo Arnal a few days before his death.
Arnal was also accused of artifically inflating the retail’s share price alongside Chewy.com founder Ryan Cohen. The class action was filed on August 23, 2022, in Washington, DC. He had recently sold all of his holdings worth $10 million which led to the share price stumbling by 23%.
Arnal was having a very tough time. Our heart goes out to his family. May God let the departed soul rest in peace.