Shares of Bed Bath & Beyond were down in premarket trading Tuesday after the struggling retailer’s chief financial officer died over the weekend.
The stock was down more than 15% as investors weighed the company’s leadership crisis after Gustavo Arnal’s death. Arnal died Friday after falling from a building in downtown Manhattan, police said. The city’s medical examiner’s office later ruled the death a suicide.
The loss comes after the company recently eliminated some executive positions, including chief operating officer, as part of its efforts to win back investor confidence and customers. It is also looking for a permanent CEO. Bed Bath & Beyond is operating under an interim chief executive, Sue Gove, after the company’s former leader, Mark Tritton, was ousted by the board in June.
The New Jersey-based company last week announced that it had secured more than $500 million in new financing, including a loan. It also laid out a series of moves aimed at reviving the business, including the closure of about 150 stores, layoffs and an overhaul of 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 also spent 20 years at Procter & Gamble.
In a statement Sunday regarding his death, Bed Bath & Beyond said that Arnal “was instrumental in guiding the organization throughout the coronavirus pandemic.”
If you or someone you know is in crisis, call 988 to reach the Suicide and Crisis Lifeline. You can also call the network, previously known as the National Suicide Prevention Lifeline, at 800-273-8255, text HOME to 741741 or visit SpeakingOfSuicide.com/resources for additional resources.
CNBC reporting by Candice Choi. Melissa Repko and MacKenzie Sigalos contributed.