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 chief financial officer of troubled Bed Bath & Beyond.
The executive’s death came as his employer has been dealing with financial difficulties—laying off 20 percent of the staff, closing 150 storefronts, and watching its stock price plummet.
It also comes weeks after Arnal was named in a federal class-action lawsuit that claimed he helped push up the price of Bed Bath & Beyond stock so he could sell off his own shares at a bigger profit.
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However, it’s not clear if the chain’s problems or the legal accusations played any role in Arnal’s apparent suicide.
The suit, filed by a lawyer in Washington, alleged that Arnal and activist investor Ryan Cohen conspired in a pump-and-dump scheme that caused the company’s stock to soar, before it later plunged.
Cohen—the founder of Chewy and the chairman of GameStop, who made a name for himself with meme investing—bought a 10 percent position in Bed Bath & Beyond in March. In mid-August, he sold as the stock was in the midst of rally, making tens of millions of dollars and sending the stock into a nosedive. Arnal, meanwhile, told $1 million worth of his stock around the same time.
Bed Bath & Beyond has not commented beyond a statement confirmed Arnal’s death. Cohen did not respond to requests for comment, and the lawsuit plaintiff also did not respond.
A week after the suit was filed, Arnal leaped from Tribeca’s famous “Jenga” tower, so named because of its distinct architectural style. The New York Post reported that his wife was home at the time and he did not leave a note.
“Gustavo will be remembered by all he worked with for his leadership, talent and stewardship of our Company,” Bed Bath & Beyond Chairwoman Harriet Edelman said in a statement.
“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.”
If you or a loved one are struggling with suicidal thoughts, please reach out to 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.
Read it at New York Post
