Bed Bath & Beyond named an interim chief financial officer on Monday after its former executive, Gustavo Arnal, committed suicide on Friday.
Laura Crossen, who was the company’s chief accounting officer, became its interim CFO, effective Sept. 5, the company said in a regulatory filing Tuesday.
The medical examiner ruled Arnal’s death a suicide after he jumped from the 18th floor of his luxury apartment building in lower Manhattan at 56 Leonard St.
Bed Bath & Beyond’s management acted quickly to shore up its executive ranks as it faces multiple crises, including a leadership vacuum as four senior executives including its former chief executive Mark Tritton, have either left or been pushed out since June 29. It’s also facing financial difficulties due to a precipitous decline in sales, a dearth of cash and panicky vendors who are worried about getting paid.
Crossen, who has worked for the company for two decades, previously reported to Arnal, who had been named CFO in 2020.
Last week, Arnal, 52, had announced a $500 million financing deal to help the company’s in its turnaround efforts and to avoid filing for bankruptcy protection.
Crossen’s pay will increase by $200,000 and her target annual bonus will increase to 70% of her base salary, the company said in a regulatory filing during the period in which she serves as interim CFO.
The company’s shares slid 18% to $7.04 on Tuesday.