(Photo : Photo by Justin Sullivan/Getty Images)
The tragedy happened while the 52 year old business leader's wife was in their apartment, authorities said.
The death of Bed Bath & Beyond CEO Gustavo Arnal was declared a suicide by the city's medical examiner Monday.
Arnal leaped from the 18th level of the lavish "Jenga Building" Friday afternoon as the business suffers financial difficulties and he faced accusations in a $1.2 billion "pump-and-dump" stock fraud case filed last month.
Bed Bath & Beyond CFO Arnal died as a result of numerous blunt trauma, according to the medical examiner's office, as reported by The New York Post.
According to law enforcement sources who spoke with the media outlet, the 52-year-old killed himself while his wife was present in their apartment and he didn't leave a note identifying the circumstances of the tragic fall.
An Excellent Leader
In 2020, Arnal left the cosmetics business Avon in London to work at Bed Bath. He also worked for Procter & Gamble for 20 years. In a statement released on Sunday, the corporation stated that the "distinguished global" executive had helped it survive the worst of the COVID-19 pandemic.
Bed Bath & Beyond CFO, Gustavo Arnal, has died after jumping from NYC high-rise apartment balcony.
— Pop Crave (@PopCrave) September 4, 2022
🔗: https://t.co/qESsHuhjWl pic.twitter.com/5s3fiEDY5u
The company's board of directors chairperson Harriet Edelman stated:"Gustavo will be remembered for all he worked with for his leadership, talent, and stewardship of our Company.... Our focus is on supporting his family and his team and our thoughts are with them during this sad and difficult time."
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As investors considered the company's leadership dilemma following Arnal's passing, Bed Bath's shares fell on Tuesday.
A representative for New York's Office of the Deputy Commissioner said Emergency Medical Services pronounced Gustavo Arnal dead at the scene.
Arnal bought and sold several corporate shares after joining Bed Bath. According to a document, he sold more than 55,000 shares last month for a total of $1.23 million at prices ranging from $20 to $29.95 a share. He executed a trading strategy in April, and those sales were done in accordance with it. He continued to own 255,396 shares following those most recent sales, according to the paper.
Bed Bath's Troubles
Arnal passed just two days after the business revealed intentions to shut 150 of its "lowest generating" namesake locations, CNBC reported. The New Jersey-based company also said that it had received more than $500 million in new finance, including a loan, and that it would be laying off 20% of its workforce.
The cost-cutting actions come as Bed Bath's main line of business faces more difficulties. On Wednesday, the firm said that sales were further going down, with same-store sales down 26% for the three months ending on August 27. This was a greater decline than in prior quarters.
Some experts claim that even while the Wednesday-announced rescue plan may strengthen the company's cash situation, it won't be enough to keep Bed Bath & Beyond in operation. The stock was downgraded by Raymond James on Thursday, claiming that the cost reductions and fresh finance "simply push the problem farther down the road."
The company named Laura Crossen, its senior vice president of finance, as its temporary CFO on Tuesday. She will keep her position as the organization's chief accounting officer, according to CNN.
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