Bed Bath & Beyond shares decline after CFO’s death

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 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. Bed Bath & Beyond is operating under an interim CEO, Sue Gove, after former CEO Mark Tritton was ousted by the board in June.

The New Jersey-based company last week announced a series of dramatic moves aimed at reviving the business, including the closure of about 150 stores, layoffs and an overhaul of its product 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 MacKenzie Sigalos contributed to this report.