Death of Bed Bath and Beyond CFO Creates New Crisis For Company
The company’s CFO’s death creates a new crisis for the company.
Bed Bath and Beyond
Bad Bath & Beyond CFO Gustavo Arnal’s death, confirmed by the retailer on Sunday, marks another crisis for the company.
According to Reuters, the chief financial officer died on Friday after falling from the “Jenga” tower, a skyscraper in Tribeca, New York.
NBC News reported that Arnal, 52, passed away only days after the retail giant announced it will liquidate approximately 150 of its more than 700 name-brand outlets and lay off almost 20% of its workforce. “It’s 32,000 employees while its stock fell more than 21% on Wednesday, and 65% in the past year,” the Associated Press reported.
The home goods retailer is trying to cut costs and raise cash as it grapples with correcting recent operating mistakes and navigating a challenging economic environment. It has been burning through cash reserves for several quarters, and the influx of buyers has shaken investor and vendor confidence, “according to the Wall Street Journal.”
Statement of the Board of Directors
“I would like to offer Gustavo’s family my sincere condolences. All of the people he worked with will remember Gustavo for his leadership, skill, and stewardship of our business. I wish him all the best. proud to be a colleague, and he will be truly missed by all. Harriet Edelman, Independent Chair of the Board of Directors of Bed Bath & Beyond, remarked, “We at Bed Bath & Beyond and everyone who had the pleasure of knowing him & Beyond, Inc. said in a statement.
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A general view of the “Bed, Bath & Beyond” logo is seen on the South Edmonton Common. A retail power s… [+]
No photo via Getty Images
Some companies have succession plans.
The sudden death of top corporate executives, which can create a crisis for companies and organizations, underscores the need for succession plans, policies, and procedures, and the importance of accounting for such events in crisis management plans.
Forbes Leadership Read More A [Simple] Method That AIIIImplementers Use to Succeed
• According to PWC’s 2021 Family Business Survey, only 34% of family-owned companies surveyed had a “robust, documented, and informed succession plan.”
The National Association of Corporate Directors said fewer than one in four private company boards have a formal succession plan.
Amid the company’s challenges and problems, Arnal’s death is yet another crisis for the organization. In its announcement today, Bed Bath & Beyond made no mention of plans to name a successor or assume the role on an interim basis.
The retailer for this article did not instantly respond to requests for comment.
“A more proactive approach is key.”
Kathryn Ramshaw, a visiting lecturer in management at the University of Massachusetts Lowell, said via email: “One organization I worked with used to plan executives mainly for crises, without much concern for preparing successors.”
While having a backup plan is useful, he stated that “taking a more proactive approach is crucial in naming and systematically preparing successors each year…as well as those who can succeed.”
Some companies don’t even tell successors that they’re successors, which can drive people out when they don’t see career growth. When a high-level executive passes away suddenly, it makes the practice even more valuable. “To back that role up, it puts pressure on HR and senior leaders to fill that role faster,” Rasha said.
But it could turn into a nightmare if they fill the role with an unqualified candidate.
Expect unexpected results.
Businesses must recognize that, even in cases where top executives are currently well, they could pass away suddenly. The coronavirus has taught us to be prepared for the unexpected if nothing else. According to Charity Lacy, vice president of Gregory FCA and a communications specialist, the best time to prepare for a crisis is before one arises.
Engaging your communications staff right away is crucial for firms that don’t have a succession plan in place and lose a key team member. Understanding which external stakeholders to communicate with is critical. They need to know when and what their core competencies are.
This may involve internal teams, partners, vendors, customers, shareholders or other financial stakeholders, analysts, and the media. The first step in creating a program should be determining “whose audience needs to know sooner than others and guaranteeing that information should be provided swiftly while respecting the family’s desires,” Lacey said.
No good reason Death of Bed Bath.
Some business leaders are likewise caught up in the current issues, but “there is no compelling justification to excuse the general oversight of not planning for business succession.” According to Deloitte, some people subconsciously resent this fact. that they will not last forever or assume that succession will work naturally.
Others are aware of and overestimate the true complexity of the work. Ultimately, however, the reasons people avoid succession planning are not as important as the reasons they should embrace it, “the company advises.
busy with other issues.
In a post on corporate at the Harvard Law School Forum, Many companies are caught up in major economic disruptions in the marketplace and may not have taken the time to focus on effective CEO succession planning. The board “did not take advantage of the expertise of its board members,” the governance observed last month.
But if you’re not thinking about it right now, you might need a wake-up call, especially given how competitive the job market is right now. All signs point to a hiring desert for unprepared companies. Some companies are late to the game — but it’s not too late. According to the post, boards can take action right away to make sure that their plans are equipped to handle future problems, according to the post. said
Gustavo Arnal Bed, Bath and CFO CFO of Bed Bath and Beyond
A top Bed Bath & Beyond executive has died after falling from a New York City building.
Bed Bath & Beyond’s chief executive died last week, just two days after the home retailer announced a new round of store closings and layoffs as it works to recover from declining sales.
The corporation revealed on Sunday that the executive vice president and chief financial officer passed away on Friday. Arnal will be remembered for his leadership abilities, said Harriet Edelman, independent chair
Edelman said that Bed Bath & Beyond and everyone who had the pleasure of knowing him will miss him, adding that he was a colleague with whom she was glad to have worked. The statement said, “Our thoughts and prayers are with his family and his staff during this sad and challenging time.”
Bed, Bath & Beyond will close 150 stores and cut 20 percent of its workforce to cut costs.
The New York Police Department said officers found Arnal, 52, unconscious and unresponsive in the area of Leonard Street and West Broadway in Manhattan on Friday. He was recognized as having passed away on the spot.
Arnal “appeared to have injuries consistent with a fall from a high position,” the NYPD stated in a statement.
The New York City medical examiner’s office told NPR Sunday that it has determined the death was a suicide.
Bed Bath & Beyond announced intentions to reinvigorate the firm after declining revenues and leadership changes. The retailer, based in New Jersey, announced it would liquidate around 150 outlets and reduce its employees by 20%.
If you or someone you know is having suicidal thoughts or is in crisis, call or text 9 /8 to reach the Suicide and Crisis Lifeline.
After previously working for Avon, Walgreens Boots Alliance, and Procter & Gamble, Arnal joined Bed Bath & Beyond in 2020. Bed Bath & Beyond said he was “instrumental in leading improving the company’s financial foundation while maintaining organization through the coronavirus pandemic.
A Bed, Bath & Beyond executive fell to his death from a high place.
The chief financial officer of financially struggling Bed Bath & Beyond died Friday after falling from a high-rise building in New York City, police said.
Emergency medical workers at the scene confirmed the death of 52-year-old Gustavo Arnal after falling from a 57-story skyscraper in the Tribeca neighborhood of New York.
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