Bed Bath & Beyond CFO’s Death Is Considered A Suicide

The death of Bed Bath & Beyond’s chief financial officer, who fell from a Manhattan skyscraper on Friday, was ruled a suicide on Monday by the New York City medical examiner.

“The entire Bed Bath & Beyond Inc. deeply saddened by this shocking loss,” the company said in a statement statement on Sunday, before the death of the Chief Financial Officer, Gustavo Arnal, was ruled suicide.

The company credited Arnal as “instrumental” in leading the organization during the pandemic after joining the company in May 2020, remembering him as a “respectable colleague in the financial community.” .”

The company statement gave no details regarding his death.

“I would like to extend my sincerest condolences to the Gustavo family,” Harriet Edelman, Independent Chair of the Bed Bath & Beyond board, said in the statement. “Gustavo will be remembered for all he worked with for his leadership, talent and ability to manage the Company.”

Eleven days before his death, Arnal was accused of participating in a The “pump and dump” scheme to artificially increase the value of the retailer. “Pumping and Dumping” refers to the spread of false or misleading information to trigger a buying frenzy that leads to a surge in stock prices before the masterminds sell their individual stocks. with that high price.

Outdoor shower bed told Reuters said it is “in the early stages of evaluating claims, but based on current knowledge, the company believes the claims are unfounded.”

Recently, the retailer announced a business update “To meet customer needs, drive growth and profitability, and improve balance sheets and cash flow.” To save $250 million in spending, the company said it would close 150 stores and lay off 20% of its workforce.

Since Arnal’s death, the company has promote Its chief accounting officer, Laura Crossen, will fill the position of chief financial officer. Shares of the company fell nearly 18 percent to $7.09 in midday trading Tuesday on the news of the former chief financial officer’s death.

Bed Bath & Beyond did not immediately respond Fortune’s Request comments.

If you are contemplating suicide, contact the National Suicide Prevention Lifeline by dialing 988 or 1-800-273-8255.

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