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THE CHIEF FINANCIAL OFFICER of the Bed Bath & Beyond chain of home stores, Gustavo Arnal, has been identified as the man who committed suicide by jumping from the iconic skyscraper in New York’s Tribeca neighborhood known as the “Jenga Building,” local media reported Sunday.
Arnal, 52, jumped from the 18th floor of 56 Leonard Street on Friday, police sources told the New York Post.
In August, New Jersey-based Bed Bath & Beyond plunged into the stock market after the exit of a well-known investor. On Aug. 16, Arnal, who was also executive vice president of the chain, sold 42,513 shares of the company for about $1 million, according to MarketBeat.com.
However, Bed Bath & Beyond’s decline began on Wednesday, Aug. 17 and accelerated on Aug. 19 after it was learned that billionaire Ryan Cohen, manager of RC Ventures, divested 10% of the company.
Cohen had taken that stake this year and had tried to force several changes at the company, but a few months later opted to abandon his position and cash out by taking advantage of Bed Bath & Beyond’s rising share price.
At the end of August, Bed Bath & Beyond announced it would close 150 stores and cut 20% of its workforce, among other measures to try to stabilize its financial situation.
Arnal joined Bed Bath & Beyond in 2020. Previously, he worked as CFO for London-based cosmetics giant Avon and had a 20-year career working overseas leading Procter & Gamble.
In addition, the businessman had a bachelor’s degree in mechanical engineering from Venezuela’s Simon Bolivar University and a master’s degree in finance from the Metropolitan University of Caracas and was considered one of the highest-ranking Latinos in major U.S. corporations.
In 2021, he earned more than $2.9 million from his $775,000 Bed Bath & Beyond salary and stock awards, according to InsiderTrades.com.
The 60-story luxury building from which Arnal jumped is known for its odd design of misaligned apartments that resemble the popular board game “Jenga.”
