Following a job demotion, an unhappy Chicago employee committed suicide after fatally injuring his boss on Thursday, Chicago police reported.

In a shooting incident in downtown Chicago, a 60-year-old demoted employee, Anthony DeFrances, killed himself after shooting his boss, Steven LaVoie.

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The two were employees of ArrowStream and LaVoie is currently in intensive care due to gunshot wounds to his head and stomach.

According to the company's website, the dead senior executive from Barrington was ArrowStream's chief technology officer.

He joined the company upon its founding in 2000.

The 54-year-old victim was identified as the company's chief executive officer and was left alone with the gunman after the latter asked for a "one-on-one" with his boss.

According to Chicago Police Superintendent Garry McCarthy, the suspect was a longtime employee of ArrowStream and had been included in a number of people who were recently demoted. It is believed that the demotion is what may have upset him and driven him to commit the crime.

Witnesses who were on the 17^th floor of the Bank of America Building told authorities that the incident transpired before 10 a.m., while other employees on the 14^th floor said that a warning was issued through the building's public address system telling them to "stay in place" due to there being an armed intruder inside the premises.

"The person on the P.A. sounded a little shaky," Neil Machchhar, an information technology specialist told Reuters.

After the shooting, LaVoie was taken to Northwestern University Hospital and declared to be in critical condition due to the gunshot wound to his head. DeFrances was declared dead on the scene by Chicago police.

In a statement released on Thursday evening, the company expressed their sadness about what had happened and promised that operations would continue as usual.

They have also sent their sympathies to the victim's family and assured the public that they are currently focused on making sure the ArrowStream family is safe.

TagsArrowStream, arrowstream shooting, bank of america building, bank of america building shooting, Anthony DeFrances, Steven LaVoie, employee shoots ceo, employee shoots boss