Gustavo Arnal Wiki
Gustavo Arnal Biography
Who was Gustavo Arnal ?
The man who jumped to his death from the 18th floor of the famous ‘Jenga’ tower in the Tribeca neighborhood of lower Manhattan on Friday has been identified as a Bed Bath & Beyond executive.
Gustavo Arnal, 52, was the chief financial officer of Bed Bath & Beyond, a company that has been struggling lately due to high inflation and a recessionary economy. The company announced plans to close 150 of its roughly 900 stores and lay off 20 percent of staff just two days before Arnal’s death.
He reportedly sold more than 42,000 shares of the company, often identified as “meme stock,” for $1 million just over two weeks ago, according to MarketBeat.com.
At the time, he still owned 267,896 shares of the company, valued at just under $6.5 million.
Arnal moved to Bed Bath & Beyond in 2020, when the company was already struggling due to the coronavirus pandemic, from London-based cosmetics giant Avon, where he was also CFO, spending 20 years at Proctor & Gamble. .
When Arnal joined Bed Bath & Beyond in April 2020, a company spokesperson said in a statement that they were “attracting world-class talent to offer new perspectives, insights and experience as we rebuild our business.”
“Gustavo exemplifies this and his experience in business transformation at other leading companies, his deep understanding of the retail and consumer goods space, as well as his energy and drive will help accelerate our transformation plans.”
Arnal was identified as the jumper in the 57-story building
Calls about the jump at 56 Leonard Street near Church Street came in around 12:30 p.m. Friday, according to an NYPD spokeswoman. Arnal was identified as the jumper in the 57-story building, where apartments cost up to $50 million, on Friday afternoon, according to the New York Post.
Bed Bath & Beyond, once considered a ‘category killer’ in home and bath goods, has seen its fortunes falter, with chief executive Mark Tritton sacked in June after sales fell 25 percent. cent in the first quarter.
The company has hired Sue Gove, an independent director from the board, to replace him on an interim basis.
On Wednesday, Gove said the retailer was “continuing to see significant positive momentum” and intended to build on her “deep heritage as a retailer.”
“While there is much work ahead, our roadmap is clear and we are confident that the significant changes we have announced today will have a positive impact on our performance,” she said in a conference call.
GameStop chairman Ryan Cohen, the company’s biggest investor until this month
The retailer also announced a plan to raise money by issuing new shares and said it had secured $500 million in new financing, but investors took a dim view of the strategic plan and shares fell as much as 25 percent in trading. in the morning.
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Traders on Reddit’s WallStreetBets forum, which has buoyed stocks in recent weeks, reacted with a mixture of stoicism and desperation.
‘I just wanted to make money without any effort. Why do I have to suffer like this? why?’ wrote a user on the forum.
In Wednesday’s update, Bed Bath & Beyond also forecast a larger-than-expected 26 percent drop in same-store sales for the second quarter and said it would maintain its baby-buying business, which it had put up for sale.
Efforts to sell buy buy Baby had been encouraged by GameStop chairman Ryan Cohen, the company’s biggest investor until this month, when he sold his 9.8 percent stake, sending the stock plummeting. .
Once known for offering many shoppers 20% off coupons, Bed Bath & Beyond revamped its merchandise in recent years to focus on private-label products, including Our Table-brand cookware.
The chain is now unwinding that strategy, eliminating three of its private labels and prioritizing national brands with labels including Calphalon, Ugg, Dyson and Cuisinart that support that strategy, the executives said in a conference call.
Executives said Bed Bath & Beyond is cutting about 20 percent of its corporate and supply chain workforce, and eliminating its chief operating officer and store manager roles. The company has around 32,000 employees in total.
Meanwhile, Snap CEO Evan Spiegel told staff in a memo Wednesday that ad sales were falling short of earlier projections and announced plans to reorganize and cut about 20 percent of the 5,600 employees. of the company.
A second person, also unidentified, was hospitalized with minor injuries, according to an FDNY spokesperson.
A woman was seen looking distraught and crying near the building before finally getting into the ambulance.
The FDNY spokesman could not confirm the age or gender of the person hospitalized.
The structure’s website lists amenities such as a library room, an indoor/outdoor theater, an estuary with a 75-foot pool, an outdoor terrace with gardens and a hot tub, a fitness center, a yoga studio, a steam room, a sauna and a private bath. dinning room.
Gustavo Arnal Quick and Facts
- Calls regarding the jump at 56 Leonard Street near Church Street came in at around 12:30pm on Friday, according to a spokeswoman for the NYPD
- The city’s EMS officials responded to the incident and were seen carrying the man’s body off in a black body bag at the base of the famous Manhattan tower
- The man was pronounced dead before leaving the scene
- He was identified as Gustavo Arnal, Chief Financial Officer of Bed Bath & Beyond, early Sunday morning
- Bed Bath & Beyond announced just days earlier that it would have to lay off 20% of its staff and close 150 stores nationwide as high inflation and a sagging economy hammer large US companies
Source: https://wikisoon.com/
