October 3, 2022
Bed Bath & Beyond shares fall after CFO’s death

A pedestrian walks past a Bed Bath & Beyond store in San Francisco, Calif.

Justin Sullivan | Getty Images

Shares of Bed Bath & Beyond fell in premarket trading Tuesday after the death of the struggling retailer’s chief financial officer over the weekend.

The stock was down more than 15% as investors weighed in on the company’s leadership crisis following the death of Gustavo Arnal. Arnal died Friday after falling from a building in downtown Manhattan, police said. The city’s medical examiner’s office later ruled the death a suicide.

The loss comes after the company recently terminated some executive positions, including chief operating officer, as part of its efforts to win back investor confidence and customers. After former CEO Mark Tritton was ousted by the board in June, Bed Bath & Beyond is operating under an interim CEO, Sue Gove.

The New Jersey-based company last week announced a series of dramatic steps aimed at reviving the business, including closing nearly 150 stores, layoffs and an overhaul of its product strategy.

Arnal joined Bed Bath & Beyond from London-based cosmetics company Avon in 2020 following the onset of the Covid-19 pandemic. He also spent 20 years at Procter & Gamble.

In a statement on Sunday about his death, Bed Bath & Beyond said Arnal “was instrumental in guiding the organization during the coronavirus pandemic.”

If you are having suicidal thoughts, contact Suicide and Crisis Lifeline For help and support from a trained counselor call 988.

— CNBC’s Mackenzie Sigalos contributed to this report.

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