(CNN) — A man who died after jumping from a high-rise apartment in Manhattan has been identified by the New York City Police Department as Gustavo Arnal. A law enforcement source told CNN that Arnal is the chief financial officer of Bed Bath & Beyond. The source says the executive died after jumping from the balcony of his 18th-floor apartment.
New York police said in a statement Sunday that Arnal, 52, was found unconscious and unresponsive outside his luxurious 57-story skyscraper in the Tribeca neighborhood around 12:30 p.m. Friday. Police said the man “appeared to suffer from injuries indicative of a fall from an elevated position.” Emergency services responded and pronounced the man dead, police said.
Gustavo Arnal, CFO of Bed Bath & Beyond, died after jumping from a balcony on the 18th floor of his 57-story luxury skyscraper in the Tribeca neighborhood of New York on Friday, a law enforcement source confirmed to CNN.
The police source told CNN on Sunday that Arnal’s wife saw him jump. The source said that while no suicide note was found, no crime is suspected.
The New York Police Department said the Medical Examiner’s Office will determine the cause of death and the investigation is ongoing. CNN reached out to the medical examiner’s office but did not receive an immediate response.
Bed Bath & Beyond is “deeply saddened by this shocking loss,” a company spokesperson said in response to Arnal’s death.
In a statement on Sunday, Bed Bath & Beyond’s independent chair of the board, Harriet Edelman, said: “I wish to extend our deepest condolences to Gustavo’s family.”
Edelman added: “We are focused 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.”
The release said Arnal joined Bed Bath & Beyond Inc. in May 2020 following a career in finance at Avon, Walgreens Boots Alliance and Procter & Gamble.
Edelman said Arnal was “instrumental in guiding the organization through the coronavirus pandemic, transforming the company’s financial foundation and building a strong and talented team. He was also a esteemed colleague in the financial community.”
CNN reported this week that Bed Bath & Beyond is in deep crisis. The company is trying to rescue itself and stay out of bankruptcy by shrinking. The chain said Wednesday it will lay off about 20% of corporate employees, close about 150 stores and cut several of its in-house home goods brands. The company also said it secured more than $500 million in financing to shore up its financial troubles.
Arnal was named as a defendant in a class action lawsuit accusing him, Ryan Cohen and other large shareholders of participating in a scheme to artificially inflate the company’s stock price.
The lawsuit was filed on August 23 in the United States District Court for the District of Columbia.
The lawsuit alleges that Arnal and others made misleading statements and omissions when communicating with investors about BBBY’s strategic plans and financial condition, and delayed disclosures about holding and selling their own shares.
The lawsuit also alleges that interested parties shared false earnings numbers and plans by the company to spin off its “Buy Buy Baby” brand to fuel a stock-buying frenzy.
How to get help: in the United States, call the National Suicide Prevention Lifeline at 1-800-273-8255 or 988 beginning July 16, 2022. The International Association for Suicide Prevention and Befrienders Worldwide can also provide information on Contact crisis centers around the world.