Laura Crossen has been named CFO of Bed Bath & Beyond after the death of her predecessor, Gustavo Arnal. In June, Crossen was promoted to Chief Accounting Officer of the home goods retailer. Crossen now takes over as interim Chief Financial Officer of the struggling retailer.
The company announced that Crossen would be the interim financial chief effective on Monday. Arnal’s death on Friday, September 2 was ruled a suicide.
Arnal’s death comes at a time when Bed Bath & Beyond have been battling financial issues. The popular retailer announced the closures of 150 stores and the cutting of jobs.
The New Jersey based retailer’s stock value has dropped significantly throughout the year. The company’s shares fell 15% after news of Arnal’s death.
Bed Bath & Beyond’s former chief financial officer was also facing a lawsuit alleging fraud and insider trading between him, JPMorgan and Ryan Cohen. In March, Cohen announced he invested approximately 10% in the retailer. Shares quickly rose, but then took a bad turn after he began selling his stakes in the company in August.