US Markets
Tuesday, September 6th, 2022 1:34 pm EDT
Shares of Bed Bath & Beyond declined on Tuesday after the retailer’s chief financial officer died over the weekend.
The stock closed the day at $7.04, down about 18%, as investors weighed the struggling 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.
Bed Bath said Tuesday morning Chief Accounting Officer Laura Crossen would step in as interim CFO.
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 are having suicidal thoughts, contact the Suicide & Crisis Lifeline at 988 for support and assistance from a trained counselor.
— CNBC’s Melissa Repko and MacKenzie Sigalos contributed to this report.
This post has been syndicated from a third-party source. View the original article here.
