CHICAGO (TheBlaze/AP) — A demoted worker shot and critically wounded his company’s CEO before fatally shooting himself Thursday inside a downtown high-rise office building in Chicago’s bustling financial district, police said.

The men’s names and the name of the company haven’t been released. However, CBS Chicago has identified the company as Arrowstream and the injured CEO as 54-year-old Steven LaVoie. Citing its own sources, the news outlet identified the shooter as 59-year-old Anthony DeFrances.

Arrowstream CEO (Facebook/Arrowstream)

Arrowstream CEO Steven LaVoie (Facebook/Arrowstream)

Police Superintendent Garry McCarthy said a worker at a technological company pulled a gun after entering the 17th-floor office to privately meet with his CEO. There was a struggle for the gun, and the CEO was shot in his head and abdomen before the gunman fatally shot himself, McCarthy said.

McCarthy said the company was downsizing and “a number of people,” including the alleged shooter, were being demoted.

“Apparently he was despondent over the fact that he got demoted,” McCarthy said.

Demoted Tech Employee Shoots CEO During Meeting Before Killing Himself

CHICAGO, IL – JULY 31: Chicago Police forensic experts collect evidence at the Bank of America Building in the Loop financial district following a shooting on July 31, 2014 in Chicago, Illinois. Early reports indicate the shooter was a 59-year-old executive who was being demoted at his company. He shot the 54-year-old company CEO twice, critically wounding him, before shooting and killing himself. (Scott Olson/Getty Images)

Demoted Tech Employee Shoots CEO During Meeting Before Killing Himself

CHICAGO, IL – JULY 31: Chicago Police stand guard outside the Bank of America Building in the Loop financial district following a shooting on July 31, 2014 in Chicago, Illinois. Early reports indicate the shooter was a 59-year-old executive who was being demoted at his company. He shot the 54-year-old company CEO twice, critically wounding him, before shooting and killing himself. (Scott Olson/Getty Images)

Chicago Police Superintendent Garry McCarthy arrives outside a downtown high-rise office building following a shooting inside the building Thursday, July 31, 2014, in Chicago. Police said a demoted worker shot and critically injured his company's CEO before fatally shooting himself. (AP Photo/M. Spencer Green)

Chicago Police Superintendent Garry McCarthy arrives outside a downtown high-rise office building following a shooting inside the building Thursday, July 31, 2014, in Chicago. Police said a demoted worker shot and critically injured his company’s CEO before fatally shooting himself. (AP Photo/M. Spencer Green)

The 54-year-old victim, reported to be LaVoie, was listed in critical condition at Northwestern Memorial Hospital, according to a hospital spokeswoman. Police said the alleged gunman was pronounced dead at the scene.

About 10 people were in the office at the time, McCarthy said. No other injuries were reported.

The office is in the Bank of America building, which is two blocks from the Willis Tower, the country’s second-tallest skyscraper, and a block from the Chicago Board of Trade and the Federal Reserve Bank of Chicago.

Officers were called to the scene around 9:50 a.m. As police cordoned off the immediate area outside the building, several SWAT team members and other officers rushed inside, where they found two men on the floor, both of them shot.

Workers elsewhere in the building said they received warnings from building security over the intercom and in emails around 10 a.m. telling them there was a security situation in the lobby and to stay at their desks.

“It was a tense atmosphere, everybody was walking around, you wanted more details but they wouldn’t give us much,” said Stefano Freddo, who works on the building’s 10th floor.

Demoted Tech Employee Shoots CEO During Meeting Before Killing Himself

CHICAGO, IL – JULY 31: Television news crews gather outside the Bank of America Building in the Loop financial district following a shooting on July 31, 2014 in Chicago, Illinois. Early reports indicate the shooter was a 59-year-old executive who was being demoted at his company. He shot the 54-year-old company CEO twice, critically wounding him, before shooting and killing himself. (Scott Olson/Getty Images)

He said someone came over the intercom a few minutes later to tell them it was safe to leave their offices.

Freddo, 32, said security officers are stationed in the building, and that workers need a badge showing they work there to gain access to the elevators in the lobby. The shooter apparently displayed no suspicious behavior that would have warranted additional scrutiny.

But Freddo said there are no metal detectors in the building.

“Maybe we should have those,” he said.

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