Following the Sept. 2 death of Chief Financial Officer Gustavo Arnal, Bed Bath & Beyond named Laura Crossen, currently senior vice president of finance and chief accounting officer, to serve in the interim position, effective Sept. 5.
According to a Tuesday U.S. Securities and Exchange Commission filing, the Union-based retailer said Crossen will continue in her current position, as well. Her compensation includes a $200,000 bump in pay.
“Laura has been with the organization for more than 20 years and we are grateful for her leadership. She has the full support of the organization, the board and our outside advisors,” a Bed Bath & Beyond representative told NJBIZ.
The New York Police Department identified Arnal as the 52-year-old man who died from “a fall from an elevated position” on Friday, according to an email sent to NJBIZ. According to The New York Times and The Washington Post, which cited the medical examiner’s office, his death was ruled a suicide.
As NJBIZ has reported, the past few months have been tumultuous for the retailer. On Aug. 31, the company announced a strategic update that included cutting 20% of its workforce and closing 150 stores.
In March, activist investor Ryan Cohen called for improved performance by the company, and in June the retailer announced an executive shakeup, including the ouster of CEO Mark Tritton and Chief Merchandising Officer Joe Hartsig.
Additionally, according to The Washington Post, Arnal and Cohen were named in a recent class action suit that alleged they, along with others, “engaged in a fraudulent scheme to artificially inflate the price of BBBY publicly traded stock.”
“As previously noted in our 8-K filed Aug. 31, the company is in the early stages of evaluating the complaint but based on current knowledge the company believes the claims are without merit,” Bed Bath & Beyond told NJBIZ.
