Bed Bath & Beyond shares are down sharply after CFO jumps to his death
'Profoundly saddened': Bed Bath & Beyond reacts to CFO's deathReplayMore Videos ... (17 Videos)'Profoundly saddened': Bed Bath & Beyond reacts to CFO's deathWhat we know about Lukoil chairman's death 'Both a warning and a threat': Economics professor decodes Fed chair's commentsFed chair lays out the 'unfortunate costs of reducing inflation''Quiet quitting' isn't actually about quittingOscar Mayer introduces a hot dog-flavored ice popBiden's student loan forgiveness plan: Who it helps, who it doesn'tBiden forgave $10K in student debt. People flooded TikTok with their reactionsHe was a famous hacker. Now, he's detailing his main concern with TwitterStudent loan repayment resumes in a few days. Hear what one economy expert wants to see happen'Intentional to some degree': HUD secy. on racism in home appraisal processEngineer says she 'quiet quit' her job. Hear what that meansSome Tesla drivers use kids as a prop to test 'full self-driving' featureWalmart vs. Target: A tale of two retail resultsMisinformation, not machines, biggest election vulnerability, hackers sayHere's why a growing number of Americans are moving to MexicoHere's how the Inflation Reduction Act could affect youNew York (CNN Business)Shares of Bed Bath & Beyond were 15% lower in premarket trading following the death of its one its top executives.
Gustavo Arnal, the chief financial officer of the beleaguered retailer, jumped to his death from a high-rise apartment in Manhattan on Friday afternoon, a law enforcement source previously told CNN. The NYPD said in a statement Sunday that Arnal, 52, was found unconscious and unresponsive outside his luxury 57-story skyscraper in the neighborhood of Tribeca. The law enforcement source told CNN on Sunday that Arnal's wife witnessed him jump. The source said while no suicide note was found, no criminality is suspected.Bed Bath & Beyond (BBBY) is "profoundly saddened by this shocking loss", a company spokesperson said. In a statement Sunday, the Independent Chair of Bed Bath & Beyond's Board of Directors Harriet Edelman said, "I wish to extend our sincerest condolences to Gustavo's family.""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," Edelman said. Arnal joined Bed Bath & Beyond in May 2020 following a career in finance at Avon, Walgreens Boots Alliance (WBA) and Procter & Gamble. (PG)Read MoreAmal was named as a defendant in a class action lawsuit accusing him, Ryan Cohen and other large shareholders of engaging in a "pump and dump" scheme to artificially inflate the price of the company's stock. The lawsuit was filed last month in United States District Court for the District of Columbia.The lawsuit claims that Arnal and others made misleading statements and omissions when communicating to investors regarding the company's strategic plans and financial condition, and delayed disclosures about holding and selling their own shares. The suit also alleges the stakeholders shared fake revenue numbers and company plans for spinning off its "Buy Buy Baby" brand to fuel a stock buying frenzy.Bed Bath & Beyond is in deep financial turmoil. The company is trying to rescue itself and stay out of bankruptcy by shrinking. The chain said last week that it will lay off approximately 20% of corporate employees, close around 150 stores and slash several of its in-house home goods brands. The company also said it secured more than $500 million in financing to shore up its ailing financial straits.If you or someone you know is struggling with suicidal thoughts or mental health matters, please call the National Suicide Prevention Lifeline at 988 to connect with a trained counselor or visit the NSPL site.--CNN's Brynn Gingras, Liam Reilly, Ramishah Maruf and Samantha Beech contributed to this report.Click Here To Get Funded!