Bed Bath & Beyond’s stock price dropped on Tuesday on the news that the company’s chief financial officer had passed away over the weekend.
As investors considered the implications of the leadership vacuum left by Gustavo Arnal’s passing the stock dropped to $7.04 at the end of the trading day representing a decline of around 18%. Police said that Arnal fell from a building on Friday and was dead. After further investigation the office of the city’s medical examiner determined that the death was a suicide.
On Tuesday morning Bed Bath announced that Chief Accounting Officer Laura Crossen would take over as acting Chief Financial Officer.
The loss follows the company’s recent efforts to restore its standing with investors and customers by eliminating several top-level jobs including that of chief operating officer. In addition to this, it is searching 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 company which is based in Additional Jersey announced the previous week that it had obtained more than $500 million in new financing including a loan. It also detailed a plan to revitalize the company by closing 150 outlets laying off employees and rethinking its product line.
After the beginning of the Covid-19 epidemic in the year 2020 Arnal made the transition from the London-based cosmetics brand Avon to Bed Bath & Beyond. He also worked for the company Procter & Gamble for 20 years.
In a statement Sunday regarding his death Bed Bath & Beyond said that Arnal “was instrumental in guiding the organization throughout the coronavirus pandemic.”
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