Chief Financial Officer of Bed Bath & Beyond, Gustavo Arnal, has died after jumping from the 18th floor balcony of his high-rise apartment in Manhattan.
The New York City Police Department said in a statement Sunday that Arnal, 52, was found unconscious and unresponsive outside his luxury 57-story skyscraper in the neighborhood of Tribeca around 12:30 p.m. Friday.
Police said the man “appeared to suffer from injuries indicative from a fall from an elevated position.” EMS responded and pronounced the man dead, police said.
The law enforcement source told CNN Sunday that Arnal’s wife witnessed him jump.
The source said while no suicide note was found, no criminality is suspected.
The NYPD said the New York City Medical Examiner’s Office will determine the cause of death and the investigation remains ongoing.
Bed Bath & Beyond is “profoundly saddened by this shocking loss,” a spokesperson for the company said in response to the death of Arnal.
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.”
Edelman added, “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.”
The statement said Arnal joined Bed Bath & Beyond Inc. in May 2020 following a career in finance at Avon, Walgreens Boots Alliance and Procter & Gamble.
Edelman said Arnal was “instrumental in guiding the organization throughout the coronavirus pandemic, transforming the company’s financial foundation and building a strong and talented team. He was also an esteemed colleague in the financial community.”
In late August, the company announced plans to shut down 150 stores and cut 20 per cent of its corporate and supply-chain staff.
Shares of the company fell 25 per cent after an extended period of steadily declining sales.
Bed Bath & Beyond added that it would discontinue three of its nine labels: Haven, Wild Sage and Studio 3B.
On 23 August, the company, Mr Arnal and major shareholder Ryan Cohen were sued over accusations of artificially inflating the firm’s stock price in a “pump and dump” scheme, alleging that Mr Arnal sold off his shares at a higher price after the scheme.