Bed Bath and Beyond’s Executive Vice President and Chief Financial Officer, Gustavo Arnal, jumped to his death around 12:20 in the afternoon last Friday, September 2, according to police on Sunday.
The fateful fall was from New York’s Tribeca skyscraper, known as the “Jenga” tower, for its uniquely-stacked apartments. The building was his last known residence.
The 52-year-old executive was pronounced dead-on-the-scene by Emergency Medical Services.
The New York City medical examiner’s office confirmed on Sunday that Arnal died due to multiple blunt force trauma in the suicide fall.
He didn’t leave a note for his wife or tell her anything before leaping off the balcony of their apartment from the 18th floor of his building. His wife was home at the time and saw him jump.
Arnal joined the company just after the COVID-19 pandemic started in 2020, following a career at Avon, Walgreens Boots Alliance, and Procter & Gamble.
A statement by a Bed Bath and Beyond spokesperson said that Arnal was “instrumental in guiding the organization throughout the coronavirus pandemic.”
His death comes soon after the company announced the closure of 150 of its lower-producing stores, and the laying off 20% of its 32,000 workforce.
Arnal was facing a class-action suit filed by Bed Bath shareholders alleging loss of around $1.5 billion due to the “pump and dump” scheme.
The suit mentions that “From March 2022 through August 2022… Gustavo, JPM [JP Morgan], and others, engaged in a fraudulent scheme to artificially inflate the price of BBBY publicly traded stock.”
The company told CNBC that it would not comment on the suit. However, an SEC filing last August 31 states that the Company was “in the early stages of evaluating the complaint,” but that it believes “the claims are without merit.”
The lawsuit alleged that Gustavo issued misleading statements to investors.