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Venezuelan financial director of Bed Bath & Beyond took his own life in New York & More Latest News Here

 

New York, USA.– The Venezuelan financial director of the American chain of home stores Bed Bath & Beyond, Gustavo Arnal, has been identified as the man who committed suicide by jumping from an iconic skyscraper in the New York neighborhood of Tribeca, local media indicated this Sunday.

Arnal, 52, jumped from the 18th floor of what is known as the “Jenga Building” on Friday, police sources told the New York Post, reported Efe.

In August Bed Bath & Beyond, based in New Jersey, collapsed on the stock market after the departure of a well-known investor.

On August 16, Arnal, who was also executive vice president of the chain, sold 42,513 shares of the company for approximately $1 million, according to MarketBeat.com.

However, the fall of Bed Bath & Beyond began on Wednesday the 17th and accelerated on August 19 after it was learned that the billionaire Ryan Cohen, manager of the firm RC Ventures, got rid of 10% of the company.

Cohen had taken over that stake this year and had tried to force several changes in the company, but a few months later he chose to abandon his position and cash in taking advantage of the rise in the price of Bed Bath & Beyond.

At the end of August, Bed Bath & Beyond announced that 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 abroad leading Procter & Gamble, according to the New York Post.

The Venezuelan businessman had a degree in Mechanical Engineering from the Simón Bolívar University and a master’s degree in Finance from the Metropolitan University, two renowned study houses in Venezuela.

In 2021, he earned more than $2.9 million thanks to 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 curious design of misaligned apartments that resemble the popular board game “Jenga.”

Information from Eph.

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