Demoted executive 'shoots company CEO before killing himself' during meeting at Bank of America high rise building in Chicago

• ArrowStream CTO Anthony DeFrances, 59, was 'despondent' after being demoted
• He allegedly twice shot CEO Steven LaVoie, 54, during a meeting in their Chicago office this morning
• LaVoie, a married father-of-three, survived and is in a 'grave' condition

An executive 'despondent' over his demotion twice shot and critically wounded his CEO before killing himself in a Chicago office building this morning, police said. 

ArrowStream's ex-chief technology officer Anthony DeFrances allegedly shot company chief Steven LaVoie, 54, in the head and stomach before turning the gun on himself about 9.50am, according to ABC7 Chicago.

LaVoie, a married father-of-three daughters, survived and was rushed to Northwestern Memorial Hospital in an 'extremely critical condition'. 

DeFrances, who joined the company when it was created in 2000, died at the scene. He was 59.

The shooting occurred in the tech logistics company's office on the 17th floor of the Bank of America building on LaSalle Street in Chicago's Loop business district. Other companies also have offices in that building.

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Shooting: ArrowStream chief technology officer Anthony DeFrances, 59 (left) allegedly shot and critically wounded his CEO Steven LaVoie (right) in the company's Chicago office this morning

Hospitalized: ArrowStream CEO Steven LaVoie, 54, was 'gravely wounded' after being shot in the stomach and head by a 'disgruntled employee' in their Chicago office this morning

Police Superintendent Garry McCarthy told CBS Chicago that DeFrances, a married father-of-three, was told on Friday he was being demoted as the company downsized. 

McCarthy said DeFrances, 'despondent over the fact that he got demoted', went into work this morning and demanded a one-on-one meeting with LaVoie.

During the meeting, the Tower Lakes man allegedly pulled out a gun. 

As the two men struggled for the firearm, LaVoie was shot in the head and stomach with a 9mm semiautomatic handgun which was recovered at the scene.

The gunman then fatally shot himself in the head.

Police said LaVoie, the CEO, is in a 'grave' condition and his wife Jody has been notified. 

McCarthy said there was 'plenty of security in the building. He’s (the gunman) apparently a longtime employee. He comes in with a backpack like an employee normally does ... This is a personal thing.'

According to DNAinfo Chicago, police are speaking with 10 witnesses from the 17th floor.

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Scene: Police said one person was killed and another injured in a shooting at a Bank of America building in Chicago's financial district on Thursday morning

Scene: The shooting occurred on the 17th floor of the Bank of America building on LaSalle Street in Chicago's Loop business district

A SWAT team swarmed the building, but workers were not evacuated. 

Building security emailed workers in the building about 10am, telling them to stay at their desks.

Ambaj Sharma told Chicago Tribune he texted his brother who works in the Bank of America building.

His brother said that, after the shooting, it was announced over the loud speakers that there was an armed intruder in the building. Workers were asked to stay on their floor.

'I think they felt they were safe because they were in a closed space on their own floor,' Sharma said. 

The alleged gunman, DeFrances, is a married father-of-three, according to his ArrowStream profile. His wife Eileen works in the pharmaceutical industry.

He has a Master of Science in Experimental Psychology and a Masters of Computer Science from the University of Dayton.

Scene: Bureau of Alcohol, Tobacco, Firearms and Explosives agents and Chicago police were called to the Bank of America building in Chicago's financial district on Thursday

DeFrances had worked at ArrowStream since 2000 when it was founded by LaVoie. The logistics company, which provides support to fast food restaurants, was this year named as one of Chicago’s 'best and brightest' companies to work for. 

According to his profile on the Junior State of America website, LaVoie completed a Masters in public and private management at the Yale School of Management after gaining a Bachelor of Arts from The University of California, Berkeley.  

The California native received numerous professional accolades, including becoming an Ernst & Young Entrepreneur Of The Year 2010 Midwest honoree and an Illinois Technology Association 2010 CEO of the Year finalist. 

He served on the Board of the Chicago Institute of Psychoanalysis and chaired its investment committee.

A prayer vigil for LaVoie has been scheduled from 1 to 8pm today at First Presbyterian Church of La Grange, senior pastor the Rev. Ken Green told Sun Times.

He said LaVoie and his family have been church members for several years.

'It’s a tragedy. We are praying for Steven and his family,' he said.

Chicago Tribune reported LaVoie and DeFrances were friends as well as co-workers.

DeFrances's neighbors in Tower Lakes described him as polite and a loving father to his adult children - two sons and a daughter.

'We’ve never had any problems with them,' neighbor Patricia Covek told Chigao Tribune. 'This is just very upsetting. My heart goes out to these people.'

Neighbor Pati Schaefer said: '(They are a) wonderful family. We’re all heartbroken.'

Scene: A SWAT team attended the downtown high-rise office building following the shooting but did not evacuate workers

RAW: CPD Supt. McCarthy on Loop shooting

Chicago Police Supt. Garry McCarthy talks to reporters about the shooting in the Chicago Loop.