The man who jumped to his death from the 18th floor of a Manhattan skyscraper on Friday has been identified as 52-year-old Gustavo Arnal, the CFO of Bed Bath & Beyond.
The manager’s death came as his employer was struggling financially – laying off 20 percent of the workforce, closing 150 stores and collapsing stock prices.
It also comes weeks after Arnal was named in a federal class action lawsuit alleging he helped drive up the price of Bed Bath & Beyond stock so he could sell his own shares for a bigger profit .
However, it’s not clear whether the chain’s troubles or the legal allegations played a role in Arnal’s apparent suicide.
The lawsuit, filed by a Washington attorney, alleged that Arnal and activist investor Ryan Cohen conspired in a pump-and-dump scheme that sent the company’s stock skyrocketing before later plummeting.
Cohen — the founder of Chewy and the chairman of GameStop, who made his name with meme investing — bought a 10% stake in Bed Bath & Beyond in March. In mid-August, when the stock was in the midst of a rally, he sold, making tens of millions of dollars and sending the stock into a nosedive. Arnal, on the other hand, announced $1 million worth of shares around the same time.
Bed Bath & Beyond has not commented, apart from a statement confirming Arnal’s death. Cohen did not respond to requests for comment, and neither did the plaintiff.
A week after the lawsuit was filed, Arnal jumped from Tribeca’s famous “Jenga” tower, so named for its distinctive architectural style. That New York Post reported that his wife was at home at the time and he did not leave a message.
“Gustavo will be remembered by everyone he has worked with for his leadership, talent and leadership of our company,” Harriet Edelman, chair of Bed Bath & Beyond, said in a statement.
“I am proud to have been his colleague and all of us at Bed Bath & Beyond and all who have had the pleasure of meeting him will miss him dearly.”
If you or a loved one is struggling with suicidal thoughts, please contact the National Suicide Prevention Lifeline at 1-800-273-TALK (8255) or contact the Crisis Text Line by texting TALK to 741741. You can also text or dial 988.
https://www.thedailybeast.com/bed-bath-and-beyond-cfo-gustavo-arnal-identified-as-man-who-jumped-from-tribeca-skyscraper?source=articles&via=rss Bed Bath & Beyond CFO Gustavo Arnal identified as man who jumped from Tribeca skyscraper