Company ‘Shocked’ After Demoted Employee Allegedly Shot CEO

iStock/Thinkstock(CHICAGO) -- A gunman killed himself Thursday after shooting his boss repeatedly in the Bank of America building in Chicago's financial district, authorities said.

The victim was Steven LaVoie, the CEO of ArrowStream, for which the suspect also worked, the company said. LaVoie remains in critical condition.

The suspect, identified as Tony DeFrances, had been demoted last Friday, police said. The company website listed DeFrances as Chief Technology Officer.

The suspect allegedly shot LaVoie before turning the gun on himself, police said.

"We are deeply saddened and shocked by the events that have occurred today," ArrowStream said in a statement released Thursday evening. "Our focus during this tragedy is to ensure the well being of our ArrowStream family. We want to assure our customers that our business continuity plan is in place, and our operations will continue to function normally."


Copyright 2014 ABC News Radio

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