NEW LEADERSHIP: Bed Bath & Beyond appoints interim replacement after CFO's death
across corporate and supply chains and closing 150 "lower-producing" stores as part of a new strategy to turn its struggling business around. Bed Bath & Beyond also secured $500 million in new financing and said it could potentially launch an at-the-market offering for up to 12 million shares of its common stock.
Arnal, GameStop chairman Ryan Cohen and JPMorgan Chase have been accused in a class-action shareholder lawsuit of a "pump and dump" scheme to artificially inflate Bed Bath & Beyond's stock. Arnal sold 55,013 shares through multiple transactions on Aug. 16 and 17. The shares were sold under a 10b5-1 trading plan at prices ranging from $20 per share to $29.95 per share. After the sale, Arnal still owned 255,396 shares.
According to a regulatory filing on Tuesday, Crossen will receive a $200,000 increase to her base salary and an increase in her target annual bonus opportunity to 70% of her base salary. In addition to taking on the CFO role, Crossen will continue as the company's principal accounting officer.
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