A former employee of the Chicago tech company ArrowStream critically wounded the company's CEO after he demanded a one-on-one meeting with him on Thursday, according to multiple reports.

59-year-old Anthony DeFrances was one of several employees who was demoted during the company's downsizing, Police Superintendent Garry McCarthy said.

Upset over the move, DeFrances demanded a one-on-one meeting with 54-year-old Steven LaVoie, the company's CEO, on Thursday morning.

Shortly after enterting LaVoie's office, located in a high-rise building in the city's financial district, a scuffle ensued, and LaVoie suffered two shots, one in the head and one in the stomach. Reports say DeFrances then turned the weapon on himself and took his own life.

"Apparently [DeFrances] was despondent over the fact that he got demoted," McCarthy told media outlets.

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McCarthy then said while there is security in the building, there was no reason to suspect DeFrances of any suspicious activity on the morning of. He was a long-time employee with a personal grudge that ended unfortunately, McCarthy said.

Another building employee told one outlet that there are no metal detectors in the building, however.

LaVoie was taken to Northwestern Memorial Hospital, pronounced in critical condition and underwent surgery.

There were about 10 people in the ArrowStream office at the time of the shooting, but no other injuries were reported.

Building employees were alerted via email and intercom a few minutes after the incident and were instructed to stay at their desks.

The incident happened in the Bank of America building, which is walking distance from the Federal Reserve Bank of Chicago and two blocks from Willis Tower, one of the country's tallest skyscrapers.