After CFO Gustavo Arnal passed away on Friday, Bed Bath & Beyond said on Tuesday that it had appointed Laura Crossen as the organization’s interim finance leader.
According to a regulatory filing from Bed Bath & Beyond, Crossen, who assumed the position as of Monday, will also keep his position as the company’s chief accounting officer.
This past weekend, the medical examiner in New York City determined that Arnal committed suicide. He died Friday after falling from a skyscraper in central Manhattan, according to police.
Tuesday afternoon saw a decline of almost 17% in Bed Bath & Beyond stock as investors debated the retailer’s future as it struggles. After the company’s board fired Mark Tritton in June, the company is looking for a new CEO. It announced last week that the positions of chief operating officer and chief stores officer would be eliminated.
A Bed Bath board member named Sue Gove has taken over as temporary CEO. She founded a company that provides retail advice, and she has held executive positions including chief operating officer of the jewelry retailer Zale.
The retailer of home products is attempting to boost sluggish sales and reclaim market share that it has lost to rivals. Bed Bath & Beyond revealed last week that it has received more than $500 million in new funding as it gears up for the holiday season and outlined a plan to reduce costs, including layoffs and the closure of around 150 shops.
The difficulties facing Bed Bath are being made worse by a shift away from popular shopping categories, like home furnishings, as consumers spend on services like dining out and traveling once more. Inflation-related increases in consumer spending on food and essentials have also caused a decline in discretionary categories at other stores like Walmart and Kohl’s.
The same-store sales at Bed Bath have been declining lately. The business reported last week that same-store sales decreased 26% for the three months ending on August 27.