Demoted employee shoots CEO

Steve LaVoie, CEO and chairman of technology company ArrowStream is in critical condition after he was allegedly shot and wounded by a disgruntled employee, who then shot himself.

According to multiple news sources, chief technology officer Anthony DeFrances is believed to have shot LaVoie - who was also a good friend - after a meeting in which he was told he was being demoted, as the company needed to downsize.

LaVoie (pictured) was shot in the head and the stomach. Chicago police report DeFrances then turned the gun on himself.

ArrowStream, a technology company for the food service industry, issued a statement about the incident:

"This morning, a shooting occurred at ArrowStream’s 231 S. LaSalle Street office involving CEO Steven LaVoie and an ArrowStream employee. We are deeply saddened and shocked by the events that have occurred today. 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. We appreciate the concern and care expressed by so many."

Police Superintendent Garry McCarthy told CBS Chicago that DeFrances, a married father-of-three, was told he was being demoted, after which he demanded a one-on-one meeting with LaVoie.

McCarthy said DeFrances was "despondent" about the news, and that there was "plenty of security in the building".

"He’s [DeFrances] apparently a longtime employee. He comes in with a backpack like an employee normally does ... This is a personal thing."

Police said LaVoie remains in a grave condition and his wife and family are with him in hospital.

Image courtesy: Facebook/ArrowStream