Bed, Bath & Beyond CFO Gustavo Arnal Dead After Fall From New York Sky-Rise
Bed, Bath & Beyond’s chief financial officer Gustavo Arnal was confirmed dead after falling from a New York City skyscraper over the holiday weekend.
He died on Sept. 2. Aged 52, Arnal had been with the company since May 2020, following a finance career that included Avon, Walgreens Boots Alliance and two decades with consumer-goods giant Procter & Gamble.
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Though the NYPD did not offer specific details around Arnal’s death, Bed Bath & Beyond confirmed his death Sunday in a statement. The news comes after the struggling retailer revealed it was closing 150 under-performing stores and laying off employees.
Expressing sadness over the “shocking” loss, Harriet Edelman, independent chair of Bed Bath & Beyond’s board of directors, said in a statement: “I wish to extend our sincerest condolences to Gustavo’s family. 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. 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.”
At Bed Bath & Beyond Inc., Arnal was “instrumental in guiding the organization throughout the coronavirus pandemic, transforming the company’s financial foundation and building a strong and talented team,” the company’s statement said.
As WWD reported earlier this week, the home goods specialty retailer recently updated its strategic business plan with a focus on basics, stripping away one-third of its private-label brands in favor of new and emerging labels. In hopes to strengthen the company’s financial position and a series of timely cuts – including store closings, staff cutbacks (among them 20 percent of executive positions) – were already underway. The retailer is also on the hunt for a permanent chief executive officer to turn around its financial positioning.
On the repositioning, Sue Gove, director and interim CEO, said in a statement that the retailer looks to diligently “strengthen our liquidity and secure our path for the future,” with an action plan geared to increase customer engagement, drive traffic and recapture market share.
