A pedestrian walks past a Bed Bath and Beyond store in San Francisco, California.
Justin Sullivan | Getty Images
Shares of Bed Bath & Beyond were down in premarket trading on Tuesday after the ailing retailer’s chief financial officer died over the weekend.
The stock fell more than 15% as investors weighed 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 coroner’s office later ruled the death a suicide.
The loss comes after the company recently cut some senior positions, including its chief operating officer, as part of its effort to regain investor and customer confidence. Bed Bath & Beyond will operate under an interim CEO, Sue Gove, after former CEO Mark Tritton was ousted from the board in June.
The New Jersey-based company last week announced a dramatic series of measures to revive its business, including the closure of about 150 stores, layoffs and an overhaul of its product strategy.
Arnal joined Bed Bath & Beyond in 2020 following the start of the Covid-19 pandemic from London cosmetics company Avon. He also worked for Procter & Gamble for 20 years.
In a statement Sunday regarding his death, Bed Bath & Beyond said Arnal was “instrumental in leading the organization during the coronavirus pandemic”.
If you are having suicidal thoughts, call the Suicide & Crisis Lifeline at 988 for support and help from a trained counselor.
— CNBC’s MacKenzie Sigalos contributed to this report.