The Executive VP and Chief Financial Officer of Bed Bath and Beyond, Gustavo Arnal, jumped to his death in broad daylight in NYC Friday, September 2, according to police.
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 that Arnal died due to multiple blunt force trauma in the suicide fall.
The unfortunate man 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.
Although the motive for the suicide has not been released, it is notable that Arnal was experiencing stress from a class-action suit filed by Bed Bath and Beyond shareholders alleging loss of around $1.5 billion due to a “pump and dump” scheme.
The suit mentions that “from March 2022 through August 2022… Arnal, JPM [JP Morgan], and others, engaged in a fraudulent scheme to artificially inflate the price of BBBY publicly traded stock.”
The lawsuit alleged that Arnal issued misleading statements to investors.
Bed Bath and Beyond told reporters that it would not comment on the suit. However, an SEC filing August 31 stated that the Company was “in the early stages of evaluating the complaint,” but that it believed “the claims are without merit.”
Arnal’s death followed the retail company announcing the closure of 150 of its lower-producing stores, and the laying off 20% of its 32,000 workforce.