Death Of Bed Bath & Beyond CFO Creates New Crisis For Company

The passing of Bed Bath & Beyond CFO Gustavo Arnal on Friday, which the retailer announced on Sunday, puts the business in another crisis.

According to Reuters, the chief financial officer died on Friday after falling from the "Jenga" tower in New York's Tribeca neighbourhood.

comes days after the retail company announced it would close about 150 of its more than 700 namesake stores 

and lay off approximately 20% of its 32,000 employees as a result of a more than 21% drop in stock price last Wednesday and a 65% decline in the previous year

I want to send Gustavo's family our deepest condolences. Gustavo will be remembered for his leadership, talent, and management of our Company by everyone with whom he worked.

which can create a crisis for companies and organizations

Only 34% of surveyed family-owned companies had a “robust, documented and communicated succession plan in place