Bed Bath & Beyond Statement About CFO Suicide
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A leader’s death by suicide is particularly difficult to communicate. Bed Bath & Beyond, with an interim CEO and already suffering from declining sales, profits, and stock price (despite a temporary run-up by Reddit), faced news of the CFO’s dramatic death. Sadly, Gustavo Arnal jumped from his apartment building in Manhattan two days after an investor presentation about the company’s strategy to further cut jobs and close stores. Hired two years ago, Arnal was recently accused, with another executive, of artificially inflating the stock price before selling about $1.4 million worth of shares, which was pre-planned.
What is appropriate to say in such a situation? News articles took one sentence from the company’s statement: “The entire Bed Bath & Beyond Inc. organization is profoundly saddened by this shocking loss.” The entire statement is below and does what it needs to do: express condolences and respect to his family and recognize his career and his value to the company.
As a bad-news message, the main point is right up front. Appropriately, the writers demonstrate compassion and integrity: the statement does not mention the cause of death or the pending litigation.
UPDATE: A Wall Street Journal article describes the incredible stress that Arnal was under, working 18-hour days. Before the long weekend, he had requested a break, which was in discussion.
Bed Bath & Beyond Inc. Mourns the Loss of Executive Vice President and Chief Financial Officer, Gustavo Arnal
UNION, N.J., Sept. 4, 2022 /PRNewswire/ -- Bed Bath & Beyond Inc. (NASDAQ: BBBY) today announced that Gustavo Arnal, Executive Vice President and Chief Financial Officer of the Company, passed away on September 2, 2022. The entire Bed Bath & Beyond Inc. organization is profoundly saddened by this shocking loss.
"I wish to extend our sincerest condolences to Gustavo's family. Gustavo will be remembered by all he worked with for his leadership, talent and stewardship of our Company. I am proud to have been his colleague, and he will be truly missed by all of us at Bed Bath & Beyond and everyone who had the pleasure of knowing him," said Harriet Edelman, Independent Chair of the Bed Bath & Beyond Inc. Board of Directors. "Our focus is on supporting his family and his team and our thoughts are with them during this sad and difficult time. Please join us in respecting the family's privacy."
Mr. Arnal joined Bed Bath & Beyond Inc. in May 2020 following a distinguished global career in finance at Avon, Walgreens Boots Alliance, and Procter & Gamble. At Bed Bath & Beyond Inc., Mr. Arnal was instrumental in guiding the organization throughout the coronavirus pandemic, transforming the Company's financial foundation and building a strong and talented team. He was also an esteemed colleague in the financial community.
