Bed Bath & Beyond chooses interim CFO after Gustavo Arnal’s suicide

Shoppers exit a Bed Bath & Beyond store in New York.

Michael Nagle | Bloomberg | beautiful pictures

Outdoor shower bed on Tuesday said it had selected its chief accounting officer, Laura Crossen, as interim chief financial officer following the death of Chief Financial Officer Gustavo Arnal on Friday.

Crossen, who took up the role on Monday, will also continue to be the company’s chief accounting officer, Bed Bath & Beyond said in a statement. submit the application as prescribed.

Arnal’s death is verdict of a suicide by the New York City medical examiner this weekend. Police said he fell to his death Friday from a skyscraper in downtown Manhattan.

Bed Bath & Beyond shares fell about 15% Tuesday morning as investors weighed in on the retailer’s tough road ahead. The company is looking for a new CEO after the board of directors oust Mark Tritton in June. Last week, it said it would eliminate the jobs of chief executives and store managers.

Sue Gove, a Bed Bath board member, has become interim CEO. She is the founder of a retail consulting firm and has held executive roles, including as CEO of jewelry company Zale.

The home appliance retailer is trying to turn around slowing sales and regain market share that has been lost to competitors. As it prepares for the holiday season, Bed Bath & Beyond announced last week that they have secured over $500 million in new capital and laid out a new plan to manage costs, including the layoffs and closures of about 150 stores.

Bed Bath’s challenges are compounded by a shift away from popular pandemic categories, such as household goods, as people spend on services like dining out and travel again. Other retailers, including Walmart and Kohl’shas also seen a drop in discretionary categories as people spend more on food and necessities due to inflation.

Bed Bath same-store sales have continued to decline in recent months. Last week, the company said similar stores fell 26% in the three-month period ending Aug. 27.

If you are contemplating suicide, contact Suicide & Crisis Hotline at 988 for support and help from a trained counselor.

Correction: This story has been updated to correct the spelling of Laura Crossen’s name.

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