September 7, 2022: -On Tuesday, Bed Bath & Beyond shares came down in premarket trading after the retailer’s chief financial officer expired this weekend.
The stock plunged over 15% as investors weighed the company’s leadership crisis following Gustavo Arnal’s death. Arnal passed away on Friday after falling from a building in downtown Manhattan, police are saying. The city’s medical examiner’s office later is ruling the death a suicide.
The loss comes following the company recently eliminating some executive positions, including a chief operating officer, to win back investor confidence and customers. It is looking for a permanent CEO.
Bed Bath & Beyond works under an interim chief executive, Sue Gove, after the former leader of the company, known as Mark Tritton, was ousted by the board in June.
In the previous week, the New Jersey-based company announced that it had secured more than $500 million in new financing, including a loan. It is laid out a series of moves to revive the business, including closing about 150 stores, layoffs, and rebuilding its merchandise strategy.
Arnal joined Bed Bath & Beyond in 2020 from London-based cosmetics company Avon after the start of the Covid-19 pandemic. He is also spending 20 years at Procter & Gamble.
In a statement on Sunday, Bed Bath & Beyond said regarding his death that Arnal “was instrumental in guiding the organization throughout the coronavirus pandemic.”
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