The CFO of Bed Bath and Beyond, Gustavo Arnal, fell to his death on Friday after jumping from what is colloquially known as the “Jenga Building” in Tribeca. The building is 60 stories tall and boasts condominiums that cost millions of dollars. Arnal jumped from the 18th floor balcony and was found around 12:30 p.m. He was pronounced dead by EMS at the scene.
Arnal jumped to his death barely two weeks after he was named in a class-action lawsuit on allegations of federal securities fraud, insider trading, and breach of fiduciary duty after he and Gamestop Chairman Ryan Cohen apparently inflated the company’s stock value in a “pump and dump” scheme before it plunged.
Cohen, who is the founder of Chewy and is known for “meme investing” bought 10% of Bed Bath & Beyond in March before selling his stock and making tens of millions of dollars. Arnal sold $1 million in his stock around the same time period.
Then on Wednesday Bed Bath & Beyond announced the closures of about 150 stores as well as the decision to lay off about 20% of their employees when their stock fell more than 21%.
“Gustavo will be remembered by all he worked with for his leadership, talent and stewardship of our Company,” said Harriet Edelman, Bed Bath & Beyond Chairwoman. “I am proud to have been his colleague, and he will be truly missed by all of us at Bed Bath & Beyond and everyone who had the pleasure of knowing him.”
"At Bed Bath & Beyond Inc., Mr. Arnal was instrumental in guiding the organization throughout the coronavirus pandemic, transforming the Company’s financial foundation and building a strong and talented team," the company said in a statement. "He was also an esteemed colleague in the financial community."
The police announced that they would investigate the incident, while the New York City Medical Examiner’s Office will determine the cause of death.