The CEO of a Chicago-based company is in "grave condition" after being shot twice Thursday by a recently demoted employee, NBC Chicago reports.
The employee, reportedly an executive at ArrowStream who was demoted last week, then fatally shot himself.
The incident took place on 17th floor of the Bank of America Building in Chicago's financial district, police said.
Chicago Police Superintendent Garry McCarthy told reporters that the gunman had recently been demoted as part of a downsizing at ArrowStream.
"What we have here is a workplace violence issue," McCarthy said. "Apparently there's a technological company on the 17th floor. They've been undergoing a downsizing. They've demoted a number of people."
Chicago Police are continuing to investigate the incident.
Michael Hayes is a senior reporter for BuzzFeed News and is based in New York.
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